Oldenburg, Germany

Applied Economics and Data Science

Master's
Language: EnglishStudies in English
Subject area: economy and administration
Qualification: Master
Kind of studies: full-time studies
University website: www.uni-oldenburg.de
Applied Economics
Applied economics is the application of economic theory and econometrics in specific settings. As one of the two sets of fields of economics (the other set being the core), it is typically characterized by the application of the core, i.e. economic theory and econometrics, to address practical issues in a range of fields including demographic economics, labour economics, business economics, industrial organization, agricultural economics, development economics, education economics, health economics, monetary economics, public economics, and economic history. The process often involves a reduction in the level of abstraction of this core theory. There are a variety of approaches including not only empirical estimation using econometrics, input-output analysis or simulations but also case studies, historical analogy and so-called common sense or the "vernacular". This range of approaches is indicative of what Roger Backhouse and Jeff Biddle argue is the ambiguous nature of the concept of applied economics. It is a concept with multiple meanings. Among broad methodological distinctions, one source places it in neither positive nor normative economics but the art of economics, glossed as "what most economists do".
Data
Data ( DAY-tə, DAT-ə, DAH-tə) is a set of values of qualitative or quantitative variables.
Data Science
Data science is an interdisciplinary field of scientific methods, processes, algorithms and systems to extract knowledge or insights from data in various forms, either structured or unstructured, similar to data mining.
Economics
Economics () is the social science that studies the production, distribution, and consumption of goods and services.
Science
Science (from Latin scientia, meaning "knowledge") is a systematic enterprise that builds and organizes knowledge in the form of testable explanations and predictions about the universe.
Economics
Economics is not simply a topic on which to express opinions or vent emotions. It is a systematic study of what happens when you do specific things in specific ways. In economic analysis, the methods used by a Marxist economist like Oskar Lange did not differ in any fundamental way from the methods used by a conservative economist like Milton Friedman.
Thomas Sowell, Ch. 1 What is Economics? in Basic Economics
Science
Science is the topography of ignorance.
Oliver Wendell Holmes, Sr., Medical Essays, 211. Quotes reported in Hoyt's New Cyclopedia Of Practical Quotations (1922), p. 691-92.
Science
Science falsely so called.
I Timothy, VI. 20. Quotes reported in Hoyt's New Cyclopedia Of Practical Quotations (1922), p. 691-92
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