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Advanced Concepts in Economics

Eric Van Dusen

This second 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 national productivity and cross-country historical comparisons, international development, income inequality, and constrained optimization.

Read more

This second 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 national productivity and cross-country historical comparisons, international development, income inequality, and constrained optimization.

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 cobb-douglas formulation for production and consumption.

Each of the applications follows a unique applied dataset to illustrate the concepts that are learned in intermediate economics courses. Concepts of utility and production functions are modeled within python mathematical formulations.

What you'll learn

  • Applied programming approaches
  • Cobb-Douglas production and consumption
  • Constrained optimization
  • Recovering a demand curve from a utility function
  • National production accounts
  • Randomized Controlled Trials
  • Lorenz Curve and Gini Coefficient
  • Income and Wealth Inequality
  • Inequality trends across time and across countries
Enroll now

Traffic lights

Read about what's good
what should give you pause
and possible dealbreakers
Develops skills in applying programming methods to economics
Teaches advanced concepts in economics, such as production and consumption, and constrained optimization using Python mathematical formulations
Examines income distribution and inequality, which are highly relevant to economic policy and social welfare

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Reviews summary

Economics and data science integration

According to learners, this course provides a strong integration of economic theory and practical data science applications, making it highly valuable for quantitative roles. Students consistently praise its depth and challenging content, particularly the Python implementations of economic models like Cobb-Douglas and constrained optimization. While exceptionally rewarding, a significant number of learners highlight that the course requires solid intermediate economics knowledge and, critically, advanced programming skills. Some find the pace fast and the programming exercises difficult, suggesting it's not suitable for beginners or those with limited Python experience.
Requires prior knowledge in intermediate economics, calculus, and linear algebra.
"Prerequisites are key – I wouldn't attempt this without solid intermediate economics and some Python."
"It's best if you have a good grasp of calculus and linear algebra, not just intermediate economics."
"This isn't a beginner's course in any sense, definitely for those with a strong academic foundation."
Thoroughly covers specific advanced economic concepts.
"The Python implementations of Cobb-Douglas and optimization were incredibly insightful."
"The content on income inequality and Gini coefficient was excellent, with very clear explanations backed by real-world datasets."
"The randomized controlled trials section was particularly well-done, providing valuable insights for my research."
Demanding coursework leads to deep understanding and valuable skills.
"It's challenging but very rewarding. Highly recommend for anyone serious about quant economics."
"Truly an advanced course! The material covered topics like RCTs with a depth I haven't found elsewhere online."
"The course is demanding but delivers on its promise of advanced concepts, ultimately very rewarding."
Effectively bridges economic theory with practical data science.
"This course was exactly what I needed to bridge the gap between economic theory and practical data application."
"Fantastic integration of economics and data science. The Cobb-Douglas formulations were brilliantly explained."
"The blend of theory and applied programming is spot on, providing an excellent foundation for my graduate studies."
Some learners desired more programming assistance and a slower pace.
"A bit more hand-holding for the programming exercises would be beneficial."
"The pace was fast, and it felt like they assumed more programming expertise than advertised for an 'economics' course."
"The provided resources were sometimes insufficient to get through the coding parts without external help."
A strong background in Python and coding is essential.
"I found some of the programming exercises quite difficult, especially if you're not already comfortable with advanced Python."
"I came into this with a strong economics background but limited Python; the programming overwhelmed me."
"This course is definitely not for someone looking to just brush up on economics; it needs strong programming skills."

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 Advanced Concepts in Economics with these activities:
Review prerequisite math
Ensure understanding of basic math concepts before starting the course to avoid getting stuck.
Browse courses on Utility Functions
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  • Review high school algebra, calculus concepts
Review Calculus I
Refresh your understanding of the fundamentals of calculus to strengthen your foundation for this course.
Show steps
  • Review the rules of differentiation and integration.
  • Practice solving calculus problems.
Review of microeconomics
Refresh your knowledge of microeconomic concepts, such as supply and demand, market equilibrium, and consumer and producer behavior, to build a strong foundation for this course.
Browse courses on Microeconomics
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  • Read through your old textbooks or class notes on microeconomics.
  • Take practice quizzes or solve problems related to microeconomic concepts.
13 other activities
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Show all 16 activities
Organize and review learning materials
Enhance retention and understanding by organizing materials and reviewing them regularly.
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  • Gather lecture notes, assignments, and other materials
Review Macroeconomic Principles
Review key macroeconomic concepts and their relevance to economic analysis.
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  • Review the basic concepts of supply and demand.
  • Review how government policies affect economic outcomes.
Solve Economics Problems
Sharpen your problem-solving skills by practicing a variety of economics-related problems.
Browse courses on Economics
Show steps
  • Identify the key concepts and assumptions of the problem.
  • Develop a step-by-step solution to the problem.
Explore Python for Data Analysis
Enhance your data analysis skills by following guided tutorials that cover Python programming and data visualization techniques.
Browse courses on Python
Show steps
  • Learn the basics of Python syntax and data structures.
  • Practice using Python libraries for data manipulation and visualization.
Participate in workshops on data analysis with Python
Develop hands-on skills in using Python for data analysis.
Browse courses on Python
Show steps
  • Research and identify relevant workshops
Apply utility functions to derive demand curves
Strengthen your grasp on utility functions and their role in shaping demand.
Browse courses on Utility Functions
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  • Solve practice problems involving utility functions and demand curves
Solve practice problems
Strengthen your understanding of economic concepts and data science techniques by solving practice problems.
Browse courses on Economics
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  • Review course materials on relevant topics.
  • Attempt practice problems using concepts learned.
  • Check your answers and identify areas for improvement.
Develop a Data Analysis Project
Apply your data analysis skills to a real-world dataset, exploring a topic of interest and presenting your findings in a comprehensive report.
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Show steps
  • Choose a dataset and define your research question.
  • Clean and analyze the data using Python.
  • Develop data visualizations to present your findings.
Attend conferences on data science and economics
Build connections and stay updated on the latest trends in the field.
Browse courses on Data Science
Show steps
  • Identify relevant conferences
  • Register and attend the conferences
Read Case and Deaton's 'Deaths from Despair and the Future of Capitalism'
Learn about the historical trends of death by despair and the economic factors contributing to it.
View Economics in America: An Immigrant Economist... on Amazon
Show steps
  • Read the book and make notes on key concepts
  • Summarize the main arguments in your own words
Solve optimization problems with scipy
Enhance your understanding of constrained optimization and apply it practically with Python.
Browse courses on Optimization
Show steps
  • Find and follow scipy documentation
Assist students with understanding economic concepts
Deepen your understanding by explaining concepts to others and fostering their growth.
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  • Offer your services as a tutor or mentor
Develop a data visualization tool
Apply your knowledge to create a tool that facilitates data analysis and presentation.
Browse courses on Data Visualization
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  • Choose a topic and gather relevant data
  • Design and implement the visualization using appropriate tools
  • Test and refine the tool based on feedback

Career center

Learners who complete Advanced Concepts in Economics will develop knowledge and skills that may be useful to these careers:
Economist
Economists research and analyze economic data to make predictions about the economy and develop policies to address economic issues. This course covers a wide range of economic concepts, such as national productivity, international development, and constrained optimization, which are all highly relevant to this role. Taking this course can help aspiring Economists to gain a deeper understanding of the economic forces that shape the world.
See salaries and explore the career path for Economist
Data Scientist
Data Scientists use their knowledge of mathematics, statistics, and computer science to extract insights from data. This course covers a wide range of data science topics, including machine learning and data visualization, which are all highly relevant to this role. Taking this course may help aspiring Data Scientists to develop the skills they need to succeed in this role.
See salaries and explore the career path for Data Scientist
Quantitative Analyst
Quantitative Analysts use advanced mathematical and statistical techniques to analyze and interpret financial data. This course covers a wide range of topics, including constrained optimization and data modeling, which are all highly relevant to this role. Taking this course may help aspiring Quantitative Analysts to develop the skills they need to succeed in this role.
See salaries and explore the career path for Quantitative Analyst
Statistician
Statisticians collect, analyze, and interpret data to provide insights for businesses and organizations. This course covers a wide range of statistical topics, including probability and regression analysis, which are all highly relevant to this role. Taking this course may help aspiring Statisticians to develop the skills they need to succeed in this role.
See salaries and explore the career path for Statistician
Data Analyst
Data Analysts leverage methods from mathematics, statistics, and computer science to provide useful insights to businesses. This course can help aspiring Data Analysts to build a foundation in advanced economic concepts, such as national productivity, cross-country historical comparisons, and constrained optimization, which are all highly relevant to this role.
See salaries and explore the career path for Data Analyst
Operations Research Analyst
Operations Research Analysts use mathematical and analytical methods to improve the efficiency of business operations. This course covers topics like constrained optimization, which is essential for solving complex business problems. Taking this course may help aspiring Operations Research Analysts to develop the skills they need to succeed in this role.
See salaries and explore the career path for Operations Research Analyst
Risk Analyst
Risk Analysts identify and assess risks that businesses face. This course covers topics like constrained optimization and data modeling, which are essential for understanding and managing risks. Taking this course may help aspiring Risk Analysts to develop the skills they need to succeed in this role.
See salaries and explore the career path for Risk Analyst
Business Analyst
Business Analysts use their understanding of business processes and data to identify and solve business problems. This course covers topics like data analysis and process improvement, which are essential for business analysis. Taking this course may help aspiring Business Analysts to develop the skills they need to succeed in this role.
See salaries and explore the career path for Business Analyst
Policy Analyst
Policy Analysts research and analyze public policies to make recommendations to government officials. This course covers topics like public finance and economic development, which are essential for policy analysis. Taking this course may help aspiring Policy Analysts to develop the skills they need to succeed in this role.
See salaries and explore the career path for Policy Analyst
Researcher
Researchers conduct original research to advance knowledge in a particular field. This course covers topics like research design and data analysis, which are essential for research. Taking this course may help aspiring Researchers to develop the skills they need to succeed in this role.
See salaries and explore the career path for Researcher
Market Research Analyst
Market Research Analysts study market trends and consumer behavior to help businesses make informed decisions. This course covers topics like utility and production functions, which are essential for understanding consumer behavior. Taking this course may help aspiring Market Research Analysts to develop the skills they need to succeed in this role.
See salaries and explore the career path for Market Research Analyst
Teacher
Teachers educate students at all levels, from elementary school to college. This course covers topics like lesson planning and classroom management, which are essential for teaching. Taking this course may help aspiring Teachers to develop the skills they need to succeed in this role.
See salaries and explore the career path for Teacher
Consultant
Consultants provide advice and guidance to businesses and organizations on a wide range of topics. This course covers topics like problem solving and communication, which are essential for consulting. Taking this course may help aspiring Consultants to develop the skills they need to succeed in this role.
See salaries and explore the career path for Consultant
Software Engineer
Software Engineers design, develop, and maintain software applications. This course covers topics like programming and data modeling, which are essential for software development. Taking this course may help aspiring Software Engineers to develop the skills they need to succeed in this role.
See salaries and explore the career path for Software Engineer
Financial Analyst
Financial Analysts use their understanding of economics and finance to make recommendations on investments and other financial decisions. This course covers topics like productivity, income inequality, and constrained optimization, which are all highly relevant to this role. Taking this course may help aspiring Financial Analysts to gain a deeper understanding of the economic factors that influence financial markets.
See salaries and explore the career path for Financial Analyst

Reading list

We've selected 11 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 Advanced Concepts in Economics.
Cover image
Microeconomic Theory
Save
This classic reference book provides a comprehensive and rigorous treatment of microeconomic theory. It valuable resource for students who want to develop a deep understanding of the subject.
Exam Prep for Microeconomic Theory by Mas-Colell,...
Paperback
$$
Cover image
Left Behind
Save
Provides a comprehensive overview of the challenges faced by the poorest countries in the world, and proposes a number of policy solutions to address these challenges. It valuable resource for students who want to learn more about the economics of development.
Left Behind
Paperback
Check
Left Behind
Kindle Edition
Check
Cover image
Power and Progress
Save
Provides a comprehensive overview of the economic and political factors that have led to the success or failure of nations. It valuable resource for students who want to learn more about the causes of economic growth and development.
Power and Progress: Our Thousand-Year Struggle Over...
Hardcover
$$
Power and Progress: Our Thousand-Year Struggle Over...
Kindle Edition
$$
Cover image
Intermediate Microeconomics - a Modern Approach
Save
Provides a comprehensive overview of intermediate microeconomics, covering topics such as consumer theory, producer theory, and market equilibrium. It valuable resource for students who want to deepen their understanding of the concepts covered in the course.
Intermediate Microeconomics - a Modern Approach
Paperback
Check
Intermediate Microeconomics - a Modern Approach
Kindle Edition
Check
Cover image
Probability and Statistics for Economists
Save
Provides an advanced treatment of econometrics, covering topics such as time series analysis, panel data, and causal inference. It valuable resource for students who want to learn more about the latest econometric methods.
Probability and Statistics for Economists
Paperback
Check
Probability and Statistics for Economists
Kindle Edition
Check
Cover image
Causal Inference in Statistics
Save
Provides a comprehensive introduction to causal inference, the statistical methods used to determine the causal effects of interventions. It valuable resource for students who want to learn how to use causal inference methods to answer causal questions.
Causal Inference in Statistics - A Primer
Paperback
$$
Causal Inference in Statistics: A Primer
Kindle Edition
$$
Cover image
Home in the World: A Memoir
Save
Provides a comprehensive overview of the economics of inequality, covering topics such as the measurement of inequality, the causes of inequality, and the effects of inequality. It valuable resource for students who want to learn more about the economics of inequality.
Home in the World: A Memoir
Paperback
Check
Home in the World: A Memoir
Kindle Edition
Check
Cover image
Visions of Inequality
Save
Provides a comprehensive overview of global income inequality, covering topics such as the measurement of global inequality, the causes of global inequality, and the effects of global inequality. It valuable resource for students who want to learn more about the economics of global inequality.
Visions of Inequality
Paperback
Check
Visions of Inequality
Kindle Edition
Check
Cover image
The Spirit Level
Save
Provides a comprehensive overview of the relationship between inequality and social outcomes, covering topics such as the effects of inequality on health, education, and crime. It valuable resource for students who want to learn more about the social consequences of inequality.
The Spirit Level: Why Greater Equality Makes...
Paperback
$
By Richard Wilkinson The Spirit Level: Why Greater...
Hardcover
$$$
The Spirit Level By Kate Pickett and Richard...
Paperback
$$$
(中文) The Spirit Level: Why Equality is Better for...
Paperback
$$
社會不平等：為何國家越富裕，社會問題越多？: The Spirit Level: Why...
Kindle Edition
$
Cover image
Introductory Econometrics
Save
Provides an introduction to econometrics, the statistical methods used to analyze economic data. It valuable resource for students who want to learn how to use econometric methods to test economic theories.
Introductory Econometrics
Paperback
Check
Introductory Econometrics
Kindle Edition
Check
Cover image
Exam Prep for Mathematics for Economists by Simon &...
Save
Provides an overview of the mathematical tools used in economics, such as calculus, linear algebra, and probability theory. It valuable resource for students who want to improve their mathematical skills.
Exam Prep for Mathematics for Economists by Simon &...
Paperback
$$

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Course image
Effort
5 to 10 hours per week for 4 weeks
Level
Intermediate
Via
edX
Institution
University of California, Berkeley
Instructor
Eric Van Dusen
Traffic lights
Read about what's good
what should give you pause
and possible dealbreakers
Develops skills in applying programming methods to economics
Teaches advanced concepts in economics, such as production and consumption, and constrained optimization using Python mathematical formulations
Examines income distribution and inequality, which are highly relevant to economic policy and social welfare
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