Economics can be briefly defined as the discipline that focuses on the relation between resources, demand and supply of individuals and organizations, as well as the processes that are connected with the life cycle of products. Walter Wessels (2000) in his definition highlights that economics shows people how to allocate their scarce resources. For centuries, people have been making economic choices about the most advantageous process of allocating relatively scarce resources and choosing the needs to be met. From this perspective, economics is the science of how people use the resources at their disposal to meet various material and non-material needs. However, big data have brought dramatic changes to economics as a field. In particular, beyond traditional econometric methods, new analytic skills and approaches – especially those associated with machine learning – are required to engage big data for economics research and applications (Harding and Hersh 2018).
Processes of Rational...
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Bielenia-Grajewska, M., Bielenia, M. (2021). Economics. In: Schintler, L.A., McNeely, C.L. (eds) Encyclopedia of Big Data. Springer, Cham. https://doi.org/10.1007/978-3-319-32001-4_79-1
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