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Real-World Applications of Economics

Eric Van Dusen

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.

Read more

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
Enroll now

Traffic lights

Read about what's good
what should give you pause
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

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Create your own learning path. Save this course to your list so you can find it easily later.
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Reviews summary

Practical economics for data science

According to students, this course offers a highly practical approach to applying economic principles, especially for those looking to bridge into data science roles. Learners praise its use of real-world datasets and hands-on programming projects that directly apply concepts like econometrics and finance APIs. While the course provides a valuable learning experience for professionals, some note that the programming challenges can be demanding, suggesting a strong background in Python and data manipulation is essential, as the course pace can feel rushed.
Instructor's passion enhances learning.
"Outstanding course! The instructor did an excellent job of explaining complex economic concepts through practical applications."
"The instructor's passion for the subject shines through."
"I felt challenged but always supported. The discussions in the forum were also very helpful for clarifying doubts."
Excellent for applying economic theory to real data.
"This course was a revelation! It perfectly bridges economic theory with practical data science skills. The modules on econometrics and using the finance API were incredibly insightful and directly applicable to my work..."
"Truly real-world applications! The course taught me how to use tools like statsmodels in econometrics, which is directly applicable to my research. The emphasis on practical datasets and case studies is its biggest strength."
"Very relevant for anyone in applied economics or data science. The course balances theory and practical application well... The datasets used were fantastic for understanding the real impact of economic principles."
"I found the finance API project very engaging and useful. The content is current and relevant."
Some modules are fast, needing self-study.
"Sometimes the pace felt a bit rushed, especially for the more advanced topics, but overall, it's a great practical introduction."
"The lectures often move too quickly, and the coding exercises are not adequately supported... This course needs stronger scaffolding for beginners in programming."
"Good course, though sometimes the connection between the economic theory and the coding implementation wasn't immediately obvious. It required me to do quite a bit of independent research..."
Requires solid Python and data science skills.
"I found the programming aspects quite demanding, and at times, the explanations for the code weren't as thorough as I'd hoped. If you're not already comfortable with Python and data manipulation, you might struggle."
"I struggled a lot with this course... coding exercises are not adequately supported for someone who isn't already proficient in Python. I have an economics background but felt lost on the data science side."
"The course claims to be an 'introduction' but requires significant prior knowledge of both high-level economics and advanced Python libraries... Not suitable for beginners to either field."
"The prerequisites were understated. I have some Python experience, but the data science challenges were a leap for me."

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
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
Show steps
  • 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
Reading this book will provide you with a comprehensive overview of the principles and methods of econometrics.
View Introductory Econometrics on Amazon
Show steps
  • 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
Following a tutorial on using a finance API will help you learn how to access and use financial data.
Browse courses on Finance
Show steps
  • 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
Expand to see all activities and additional details
Show all eight activities
Practice solving game theory problems
Solving game theory problems will help you develop the analytical skills necessary to succeed in the course.
Browse courses on Game Theory
Show steps
  • 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
Practicing using the statsmodels package will help you develop the skills necessary to analyze economic data.
Browse courses on Econometrics
Show steps
  • 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
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
Show steps
  • 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
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
Show steps
  • 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
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
Show steps
  • 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

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 Real-World Applications of Economics.
Cover image
Econometrics
Save
Provides a comprehensive introduction to econometrics, covering topics such as linear regression, time series analysis, and causal inference.
Econometrics
Hardcover
$$$
Econometric Theory and Practice: Frontiers of...
Hardcover
$$$
Econometrics
Kindle Edition
$$$
Cover image
Intermediate Microeconomics - a Modern Approach
Save
Provides a comprehensive overview of intermediate microeconomics, covering topics such as consumer theory, producer theory, and market equilibrium.
Intermediate Microeconomics - a Modern Approach
Paperback
Check
Intermediate Microeconomics - a Modern Approach
Kindle Edition
Check
Cover image
Models in Microeconomic Theory
Save
Provides a comprehensive introduction to game theory, covering topics such as non-cooperative games, cooperative games, and bargaining.
Models in Microeconomic Theory: 'He' Edition
Paperback
$$
Models in Microeconomic Theory: 'She' Edition
Hardcover
$$$
Cover image
Introductory Econometrics
Save
Provides an introduction to the econometric analysis of cross-section and panel data, covering topics such as linear regression, generalized linear models, and fixed effects models.
Introductory Econometrics
Paperback
Check
Introductory Econometrics
Kindle Edition
Check
Cover image
The Great Escape
Save
Provides a comprehensive overview of development economics, covering topics such as economic growth, poverty, and inequality.
The Great Escape: Health, Wealth, and the Origins...
Hardcover
$$
(中文) The Great Escape: Health, Wealth, and the Origins...
Paperback
$$
The Great Escape: Health, Wealth, and the Origins...
Kindle Edition
$
Environmental Economics
Save
Provides a comprehensive overview of environmental economics, covering topics such as pollution, climate change, and natural resource management.
ISE Environmental Economics (ISE HED IRWIN...
Paperback
$$$
Environmental Economics
Paperback
$$$$
Environmental Economics
Hardcover
$$$$
Environmental Economics: An Introduction (The...
Paperback
$$$$
Environmental Economics, An Introduction: 2024...
Paperback
$$$
Loose Leaf for Environmental Economics
Loose Leaf
$$$$
Environmental Economics
Paperback
$$
Environmental Economics
Paperback
$$$
Cover image
Priced Out
Save
Provides a comprehensive overview of health economics, covering topics such as the demand for and supply of health care, the economics of health insurance, and the economics of health policy.
Priced Out: The Economic and Ethical Costs of...
Paperback
$$
Priced Out: The Economic and Ethical Costs of...
Kindle Edition
$
Cover image
International Macroeconomics
Save
Provides a comprehensive overview of monetary economics, covering topics such as the role of money in the economy, the conduct of monetary policy, and the effects of monetary policy.
International Macroeconomics
Paperback
Check
International Macroeconomics
Kindle Edition
Check
The Origins of Inequality
Save
Provides a comprehensive overview of public economics, covering topics such as the role of government, the provision of public goods, and the taxation of goods and services.
The Origins of Inequality
Paperback
$$
Cover image
International Finance: Theory and Policy, Global...
Save
Provides a comprehensive overview of international economics, covering topics such as the theory of trade, the balance of payments, and the international monetary system.
International Finance: Theory and Policy, Global...
Paperback
$$$
Cover image
How Lives Change
Save
The book analyses economic aspects of climate change; such as the economic damage caused by climate change and the cost of reducing greenhouse gas emissions.
How Lives Change: Palanpur, India, and Development...
Kindle Edition
$$

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Course image
Effort
5 to 10 hours per week for 5 weeks
Level
Introductory
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
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
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