Real-World Applications of Economics from edX

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.

What you'll learn

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

Explores applied data analysis, which is standard in economic theory

Examines concepts from intermediate economics courses

Introduces finance and econometrics APIs

Taught by Eric Van Dusen, who is recognized for applying data science in economics

Requires knowledge of previous economics and data science courses

Benefits students interested in the overlap between economics and data science

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:

Review Microeconomic Theory

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Reading this book will give you a strong foundation in the principles of microeconomics, which will be essential for understanding the material in this course.

View Microeconomic Theory: Basic Principles &... on Amazon

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Read the first three chapters of the book.
Complete the practice problems at the end of each chapter.
Summarize the key concepts from each chapter in your own words.

Review Econometrics: A Modern Introduction

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Reading this book will provide you with a comprehensive overview of the principles and methods of econometrics.

View Introductory Econometrics on Amazon

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Read the first five chapters of the book.
Complete the practice problems at the end of each chapter.
Summarize the key concepts from each chapter in your own words.

Follow a tutorial on using a finance API to download stock prices

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Following a tutorial on using a finance API will help you learn how to access and use financial data.

Browse courses on Finance

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Find a tutorial on using a finance API.
Follow the steps in the tutorial.
Test the API by downloading stock prices for a few companies.

Five other activities

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Practice solving game theory problems

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Solving game theory problems will help you develop the analytical skills necessary to succeed in the course.

Browse courses on Game Theory

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Find a set of practice problems online or in a textbook.
Work through the problems step-by-step.
Check your answers against the solutions provided.

Practice using the statsmodels package for econometrics

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Practicing using the statsmodels package will help you develop the skills necessary to analyze economic data.

Browse courses on Econometrics

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Find a dataset that you can use to practice with.
Install the statsmodels package.
Write a script that uses the statsmodels package to analyze the data.

Create a visual representation of the Lorenz Curve

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Creating a visual representation of the Lorenz Curve will help you understand the concept of inequality and how it is measured.

Browse courses on Inequality

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Gather data on income or wealth distribution.
Plot the data on a graph.
Draw the Lorenz Curve on the graph.

Create a project that uses data to analyze a real-world economic issue

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Completing a project that uses data to analyze a real-world issue will help you develop the skills necessary to be a successful data scientist.

Browse courses on Data Analysis

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Choose an economic issue that you are interested in.
Gather data on the issue.
Analyze the data using data science techniques.
Write a report on your findings.

Start a project that uses data from Randomized Controlled Trials

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Starting a project that uses data from Randomized Controlled Trials will help you develop the skills necessary to be a successful data scientist.

Browse courses on Randomized Controlled Trials

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Identify a research question that you can investigate using data from Randomized Controlled Trials.
Find a dataset that contains data from Randomized Controlled Trials.
Clean and analyze the data.
Write a report on your findings.

Career center

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

Data Scientist

Data Scientists combine programming and mathematics skills to extract insights from data. This course provides foundational knowledge of the advanced topics and methods used by Data Scientists, including game theory, econometrics, and randomized controlled trials. Studying these topics may help you qualify for a Data Scientist role, where you would be expected to utilize these skills to solve business problems and make data-driven decisions.

See salaries and explore the career path for Data Scientist

Economist

Economists study how individuals, businesses, and governments make decisions. This course offers an introduction to upper division economics concepts in an applied setting, which can benefit Economists who need to understand these concepts to perform their jobs effectively. The course also covers advanced programming challenges, which can be valuable for Economists who want to build models or analyze data.

See salaries and explore the career path for Economist

Quantitative Analyst

Quantitative Analysts use mathematical and statistical models to analyze financial data and make investment decisions. This course provides exposure to econometrics and the use of a finance API, which can give you an advantage in this competitive field. Additionally, the course covers advanced topics such as game theory and randomized controlled trials, which are relevant to the work of Quantitative Analysts.

See salaries and explore the career path for Quantitative Analyst

Business Analyst

Business Analysts use data to understand business problems and recommend solutions. This course can provide Business Analysts with an understanding of advanced economic concepts, such as game theory and the concept of marginal abatement cost. These concepts can be applied to business problems to develop more effective and efficient solutions.

See salaries and explore the career path for Business Analyst

Financial Analyst

Financial Analysts use financial data to make investment recommendations. This course provides exposure to the use of a finance API to download stock prices, which can be a valuable skill for Financial Analysts. Additionally, the course covers advanced topics such as game theory and randomized controlled trials, which can be useful for understanding financial markets and making investment decisions.

See salaries and explore the career path for Financial Analyst

Market Researcher

Market Researchers study consumer behavior and market trends to help businesses make informed decisions. This course provides exposure to concepts such as game theory and randomized controlled trials, which can be applied to understand consumer behavior and market dynamics. The course also covers the use of econometrics, which can be useful for analyzing market data.

See salaries and explore the career path for Market Researcher

Consultant

Consultants provide expert advice to businesses on a variety of topics, including economics and finance. This course can provide Consultants with an understanding of advanced economic concepts, such as game theory and econometrics, which can be applied to a wide range of business problems. The course also covers the use of a finance API, which can be useful for analyzing financial data.

See salaries and explore the career path for Consultant

Policy Analyst

Policy Analysts study public policy and make recommendations on how to improve it. This course can provide Policy Analysts with an understanding of advanced economic concepts, such as game theory and the concept of marginal abatement cost. These concepts can be applied to public policy issues to develop more effective and efficient policies.

See salaries and explore the career path for Policy Analyst

Data Engineer

Data Engineers build and maintain the infrastructure that stores and processes data. This course provides exposure to advanced programming challenges, including the Lorenz Curve and Gini Coefficient, which can be useful for Data Engineers who need to design and implement data pipelines. Additionally, the course covers the use of a finance API, which can be useful for building data pipelines that handle financial data.

See salaries and explore the career path for Data Engineer

Operations Research Analyst

Operations Research Analysts use mathematical models to solve business problems. This course provides exposure to advanced topics such as game theory and randomized controlled trials, which can be applied to develop and evaluate operational solutions. The course also covers the use of the Lorenz Curve and Gini Coefficient, which can be useful for measuring inequality in operational outcomes.

See salaries and explore the career path for Operations Research Analyst

Software Engineer

Software Engineers design and develop software. This course provides exposure to advanced programming challenges, including the Lorenz Curve and Gini Coefficient, which can be useful for Software Engineers who need to develop algorithms or data structures. Additionally, the course covers the use of a finance API, which can be useful for building software that handles financial data.

See salaries and explore the career path for Software Engineer

Quantitative Researcher

Quantitative Researchers develop and implement mathematical models to analyze financial data and make investment decisions. This course provides exposure to econometrics, which is commonly used by Quantitative Researchers to analyze financial data. Additionally, the course covers advanced topics such as game theory and randomized controlled trials, which can be useful for understanding financial markets and making investment decisions.

See salaries and explore the career path for Quantitative Researcher

Risk Analyst

Risk Analysts assess and manage risk for businesses and organizations. This course can provide Risk Analysts with an understanding of advanced economic concepts, such as game theory and econometrics, which can be applied to risk assessment and management. The course also covers the use of a finance API, which can be useful for analyzing financial data and assessing financial risk.

See salaries and explore the career path for Risk Analyst

Actuary

Actuaries use mathematical and statistical models to assess and manage risk for insurance companies. This course can provide Actuaries with an understanding of advanced economic concepts, such as game theory and econometrics, which can be applied to risk assessment and management. The course also covers the use of a finance API, which can be useful for analyzing financial data and assessing financial risk.

See salaries and explore the career path for Actuary

Financial Planner

Financial Planners provide financial advice to individuals and families. This course can provide Financial Planners with an understanding of advanced economic concepts, such as game theory and econometrics, which can be applied to financial planning. The course also covers the use of a finance API, which can be useful for analyzing financial data and making investment recommendations.

See salaries and explore the career path for Financial Planner

Real-World Applications of Economics

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