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Real-World Applications of Economics

This third course in the Data Science and Economics series is based on a Connector Course taught at UC Berkeley as a Connector between the field of Economics and the popular Introduction to Data Science Course.

In this course we cover some advanced topics from upper division courses, but in an introductory way, with applied applications and datasets.

This course is of interest to the growing number of students interested in the overlap between Economics and Data Science. The course has some more advanced programming challenges, including the Lorenz Curve and Gini Coefficient, statsmodels package for econometrics, and using a finance API.

Each of the applications follows a unique applied dataset to illustrate the concepts that are learned in intermediate economics courses. Concepts of applied data analysis are illustrated in some advanced fields.

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What's inside

Learning objectives

Game theory and olgopoly
Measure of inequality
Randomized controlled trials in international development
Econometrics and reading an econometrics paper

Marginal abatement curve for methane emissions
Present value
Using a finance api to download stock prices

Game theory and olgopoly
Measure of inequality
Randomized controlled trials in international development
Econometrics and reading an econometrics paper
Marginal abatement curve for methane emissions
Present value
Using a finance api to download stock prices

Good to know

Know what's good

, what to watch for

, and possible dealbreakers

Relevant to current economic practices and tools

Covers topics that are becoming more common in economics

Useful for students in economics and related fields

Core audience is upper division economics students

May use out-of-date software

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Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Real-World Applications of Economics with these activities:

Read 'Econometrics: Theory and Practice' by Wooldridge

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Review a comprehensive textbook to strengthen your understanding of econometrics concepts, theories, and applications.

View Introductory Econometrics + Mindtap 1 Term... on Amazon

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Read assigned chapters and take notes on key concepts.
Work through practice problems and exercises.
Participate in class discussions and ask questions.
Seek additional resources such as online articles or videos to enhance comprehension.

Connect with Data Science and Economics Professionals

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Seek guidance and mentorship from experienced professionals to gain insights and expand knowledge in the field of data science and economics.

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Identify potential mentors through networking events, online platforms, or personal connections.
Reach out to mentors and express interest in their expertise.
Schedule regular meetings or communication to discuss career advice, research opportunities, or industry trends.
Actively engage in discussions and seek feedback on coursework and career goals.

Explore Data Visualization Techniques

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Enhance data visualization skills by following guided tutorials that provide hands-on practice with various techniques and tools.

Browse courses on Data Visualization

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Identify and select relevant tutorials based on desired skills and level.
Follow step-by-step instructions to create visualizations using real-world data.
Experiment with different visualization methods to convey insights effectively.
Seek feedback and guidance from peers or instructors when needed.

Five other activities

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Data Science and Economics Resource Hub

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Compile relevant resources, tools, and datasets to serve as a central reference for data science and economics topics covered in the course.

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Identify and collect high-quality online resources, articles, and datasets.
Categorize and organize the resources based on topic and relevance.
Create a user-friendly interface or platform for accessing the resources.
Share the resource hub with classmates and instructors for feedback and collaboration.

Develop an Infographic on Key Economic Indicators

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Create a visually appealing infographic to synthesize and communicate insights on key economic indicators.

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Identify and gather relevant economic data from reliable sources.
Design an infographic template using appropriate visualization techniques.
Populate the infographic with clear and concise data representations.
Write accompanying text to provide context and explain findings.

Econometrics Problem Solving

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Engage in econometrics problem-solving exercises to refine analytical skills and reinforce econometrics concepts.

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Review econometrics principles and formulas.
Attempt practice problems covering various econometrics techniques.
Analyze solutions to enhance understanding.
Seek guidance from instructors or peers when needed.

Implement Lorenz Curve in Python Code

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Create Python code to implement the Lorenz curve, a graphical representation that helps visualize a distribution of wealth or income.

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Gather required data on wealth or income distribution.
Clean and prepare the data for analysis.
Implement the Lorenz curve calculation algorithm in Python.
Plot the Lorenz curve to visualize the wealth distribution.

Analyze Economic Data to Identify Market Trends

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Embark on a project that involves analyzing real-world economic data to identify market trends and make informed decisions.

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Define the research question and gather relevant economic data.
Clean and prepare the data for analysis using appropriate data science tools.
Apply econometric techniques to analyze the data and identify trends.
Visualize the results and communicate insights clearly.
Present findings and recommendations based on the analysis.

Career center

Learners who complete Real-World Applications of Economics will develop knowledge and skills that may be useful to these careers:

Economist

Economists study how societies produce, distribute, and consume goods and services. They use their understanding of economic principles to analyze and forecast economic trends, develop policies to improve economic outcomes, and advise businesses and governments on economic issues. This course provides a solid foundation in economic principles, including microeconomics, macroeconomics, and econometrics, which are essential for success as an Economist.

See salaries and explore the career path for Economist

Data Scientist

Data Scientists use their knowledge of statistics, computer science, and mathematics to extract insights from data. They work in a variety of industries, including finance, healthcare, and retail, to help businesses make better decisions. This course provides a strong foundation in data analysis techniques, including regression analysis, time series analysis, and machine learning, which are essential for success as a Data Scientist.

See salaries and explore the career path for Data Scientist

Financial Analyst

Financial Analysts use their knowledge of finance and economics to analyze and forecast financial trends. They work for investment banks, hedge funds, and other financial institutions to help investors make informed decisions. This course provides a solid foundation in financial analysis techniques, including valuation, risk assessment, and portfolio management, which are essential for success as a Financial Analyst.

See salaries and explore the career path for Financial Analyst

Market Researcher

Market Researchers study consumer behavior to understand how people make decisions about purchasing goods and services. They use their findings to help businesses develop and market new products and services. This course provides a strong foundation in market research techniques, including survey design, data collection, and data analysis, which are essential for success as a Market Researcher.

See salaries and explore the career path for Market Researcher

Management Consultant

Management Consultants help businesses improve their performance by providing advice on strategy, operations, and finance. They use their knowledge of economics, business, and data analysis to identify and solve problems for their clients. This course provides a solid foundation in business analysis techniques, including financial modeling, process improvement, and data visualization, which are essential for success as a Management Consultant.

See salaries and explore the career path for Management Consultant

Policy Analyst

Policy Analysts use their knowledge of economics, public policy, and data analysis to develop and evaluate policies for governments and non-profit organizations. They use their findings to make recommendations on how to improve the lives of citizens. This course provides a solid foundation in policy analysis techniques, including cost-benefit analysis, impact evaluation, and data visualization, which are essential for success as a Policy Analyst.

See salaries and explore the career path for Policy Analyst

Software Engineer

Software Engineers design, develop, and maintain software systems. They use their knowledge of computer science, mathematics, and engineering to create software solutions for businesses and consumers. This course provides a strong foundation in software development techniques, including programming, data structures, and algorithms, which are essential for success as a Software Engineer.

See salaries and explore the career path for Software Engineer

Statistician

Statisticians use their knowledge of statistics, mathematics, and data analysis to collect, analyze, and interpret data. They work in a variety of industries, including healthcare, finance, and marketing, to help businesses and organizations make informed decisions. This course provides a solid foundation in statistical techniques, including data collection, data analysis, and data visualization, which are essential for success as a Statistician.

See salaries and explore the career path for Statistician

Data Analyst

Data Analysts use their knowledge of data analysis techniques, including statistics, machine learning, and data visualization, to extract insights from data. They work in a variety of industries, including business, healthcare, and government, to help organizations make better decisions. This course provides a solid foundation in data analysis techniques, which are essential for success as a Data Analyst.

See salaries and explore the career path for Data Analyst

Business Analyst

Business Analysts use their knowledge of business, technology, and data analysis to help organizations improve their performance. They use their findings to make recommendations on how to improve business processes, systems, and strategies. This course provides a solid foundation in business analysis techniques, which are essential for success as a Business Analyst.

See salaries and explore the career path for Business Analyst

Actuary

Actuaries use their knowledge of mathematics, statistics, and economics to assess and manage risk for insurance companies and other financial institutions. They use their findings to make recommendations on how to price insurance policies, set premiums, and manage investments. This course provides a solid foundation in risk assessment and management techniques, which are essential for success as an Actuary.

See salaries and explore the career path for Actuary

Operations Research Analyst

Operations Research Analysts use their knowledge of mathematics, statistics, and computer science to improve the efficiency of business operations. They use their findings to make recommendations on how to improve production schedules, inventory management, and logistics. This course provides a solid foundation in operations research techniques, which are essential for success as an Operations Research Analyst.

See salaries and explore the career path for Operations Research Analyst

Quantitative Analyst

Quantitative Analysts use their knowledge of mathematics, statistics, and computer science to develop and implement financial models. They use their findings to make recommendations on how to invest money, manage risk, and price financial instruments. This course provides a solid foundation in financial modeling techniques, which are essential for success as a Quantitative Analyst.

See salaries and explore the career path for Quantitative Analyst

Risk Manager

Risk Managers use their knowledge of risk assessment and management techniques to identify and manage risk for businesses and organizations. They use their findings to make recommendations on how to reduce risk, improve safety, and protect against loss. This course provides a solid foundation in risk assessment and management techniques, which are essential for success as a Risk Manager.

See salaries and explore the career path for Risk Manager

Underwriter

Underwriters use their knowledge of risk assessment and insurance to determine whether or not to issue insurance policies to individuals and businesses. They use their findings to make recommendations on how to price insurance policies, set premiums, and manage risk. This course provides a solid foundation in risk assessment and insurance techniques, which are essential for success as an Underwriter.

See salaries and explore the career path for Underwriter

Reading list

We've selected 12 books that we think will supplement your learning. Use these to develop background knowledge, enrich your coursework, and gain a deeper understanding of the topics covered in Real-World Applications of Economics.

Bayesian Econometric Methods

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Provides a comprehensive introduction to econometrics, covering topics such as regression analysis, time series analysis, and forecasting. It valuable resource for students who want to learn how to use econometric methods to analyze data.

Real-World Applications of Economics

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What's inside

Learning objectives

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Activities

Career center

Reading list

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