Advanced Concepts in Economics from edX

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

Good to know

Know what's good

, what to watch for

, 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

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

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Ensure understanding of basic math concepts before starting the course to avoid getting stuck.

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Review high school algebra, calculus concepts

Review Calculus I

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Refresh your understanding of the fundamentals of calculus to strengthen your foundation for this course.

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Review the rules of differentiation and integration.
Practice solving calculus problems.

Review of microeconomics

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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.

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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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Organize and review learning materials

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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

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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

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Sharpen your problem-solving skills by practicing a variety of economics-related problems.

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Identify the key concepts and assumptions of the problem.
Develop a step-by-step solution to the problem.

Explore Python for Data Analysis

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Enhance your data analysis skills by following guided tutorials that cover Python programming and data visualization techniques.

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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

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Develop hands-on skills in using Python for data analysis.

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Research and identify relevant workshops

Apply utility functions to derive demand curves

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Strengthen your grasp on utility functions and their role in shaping demand.

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Solve practice problems involving utility functions and demand curves

Solve practice problems

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Strengthen your understanding of economic concepts and data science techniques by solving practice problems.

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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

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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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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

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Build connections and stay updated on the latest trends in the field.

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Identify relevant conferences
Register and attend the conferences

Read Case and Deaton's 'Deaths from Despair and the Future of Capitalism'

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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

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Read the book and make notes on key concepts
Summarize the main arguments in your own words

Solve optimization problems with scipy

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Enhance your understanding of constrained optimization and apply it practically with Python.

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Find and follow scipy documentation

Assist students with understanding economic concepts

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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

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Apply your knowledge to create a tool that facilitates data analysis and presentation.

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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

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

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

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.

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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.

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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.

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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

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

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.

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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

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.

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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.

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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.

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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.

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