Until recently, data sets were small and costly, and computers were slow and expensive. So it is natural that as gains in computing power have dramatically reduced these impediments, economists have rushed to use big data and artificial intelligence to help them spot patterns in all sorts of activities and outcomes.
HANGZHOU – Until recently, two big impediments limited what research economists could learn about the world with the powerful methods that mathematicians and statisticians, starting in the early nineteenth century, developed to recognize and interpret patterns in noisy data: Data sets were small and costly, and computers were slow and expensive. So it is natural that as gains in computing power have dramatically reduced these impediments, economists have rushed to use big data and artificial intelligence to help them spot patterns in all sorts of activities and outcomes.
HANGZHOU – Until recently, two big impediments limited what research economists could learn about the world with the powerful methods that mathematicians and statisticians, starting in the early nineteenth century, developed to recognize and interpret patterns in noisy data: Data sets were small and costly, and computers were slow and expensive. So it is natural that as gains in computing power have dramatically reduced these impediments, economists have rushed to use big data and artificial intelligence to help them spot patterns in all sorts of activities and outcomes.