Machine Learning and Big Data: It's All the Rage this Year

Just like Hatchimals are the "must have" Christmas toy this year, it seems that on the econ job market, machine learning and big data are the "must have" words on job market candidates' CVs. Have a look below at the key words in NBER working-paper abstracts by year (you can also read read the full The Economist article). I definitely think it's time to pay attention to machine learning if you haven't already thought much about it.



For a very easy to read summary of machine learning techniques, I recommend this new Athey-Imbens paper. I blogged about it here. But even for those of us without access to big data, it's important to think about the proper use of these tools. This article does a great job of explaining the promise and danger from these techniques. Good news #1: It seems like machine learning techniques can help us create better policies. Good news #2: It doesn't seem like those of us trained in spotting good natural experiments will be out of a job anytime soon. Read the article for the details.