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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.

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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

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Good to know

Know what's good
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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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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.
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.
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
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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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.

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.
Provides a comprehensive introduction to econometrics, covering topics such as linear regression, time series analysis, and causal inference.
Provides a comprehensive overview of intermediate microeconomics, covering topics such as consumer theory, producer theory, and market equilibrium.
Provides a comprehensive introduction to game theory, covering topics such as non-cooperative games, cooperative games, and bargaining.
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.
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.
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.
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.
Provides a comprehensive overview of international economics, covering topics such as the theory of trade, the balance of payments, and the international monetary system.
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.

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