Economists as Data Scientists

  Economists are Like Scientists In Greg Mankiw’s principles of economics textbooks he proposes that economists are like scientists in that they develop theories and subsequently gather data to test those theories empirically. Econometrics is the empirical aspect of economics.  In general econometrics is focused on hypothesis testing of causes and effects. The goal is typically deriving estimators with desirable properties appropriate for making inferences. As described by  know more  data science online cour se " econometricians set themselves the task of figuring out past relationships. Have charter schools improved educational standards? Did abortion liberalisation reduce crime? What has been the impact of immigration on wages?" Some of the tools of econometrics include linear regression, logit/probit models, instrumental variables, and time series.   Data Scientists As presented by  ,  data science is a combination of hacking skills, math and statistics knowledge, and sub