Evaluating the Role of Machine Learning in Economics: A Cutting-Edge Addition or Rhetorical Device?
This paper explores the integration of machine learning into economics and social sciences, assessing its potential impact and limitations. It introduces fundamental machine learning concepts and principles, highlighting the differences between the two disciplines, particularly the focus on causal i...
| Main Author: | |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Sciendo
2023-12-01
|
| Series: | Studies in Logic, Grammar and Rhetoric |
| Subjects: | |
| Online Access: | https://doi.org/10.2478/slgr-2023-0014 |
| _version_ | 1797258339191619584 |
|---|---|
| author | Czech Sławomir |
| author_facet | Czech Sławomir |
| author_sort | Czech Sławomir |
| collection | DOAJ |
| description | This paper explores the integration of machine learning into economics and social sciences, assessing its potential impact and limitations. It introduces fundamental machine learning concepts and principles, highlighting the differences between the two disciplines, particularly the focus on causal inference in economics and prediction in machine learning. The paper discusses diverse applications of machine learning, from extracting insights from unstructured data to creating novel indicators and improving predictive accuracy, while also addressing challenges related to data quality, computational efficiency, and data ownership. It emphasizes the importance of standardization, transparency, and ethical considerations in prediction tasks, recognizing that machine learning is a powerful tool but cannot replace economic theory. Ultimately, researchers remain optimistic about the transformative potential of machine learning in re-shaping research methodologies and generating new insights in economics and social sciences. |
| first_indexed | 2024-03-08T13:48:47Z |
| format | Article |
| id | doaj.art-e61ab960cda94069b33d19753cc88977 |
| institution | Directory Open Access Journal |
| issn | 2199-6059 |
| language | English |
| last_indexed | 2024-04-24T22:51:58Z |
| publishDate | 2023-12-01 |
| publisher | Sciendo |
| record_format | Article |
| series | Studies in Logic, Grammar and Rhetoric |
| spelling | doaj.art-e61ab960cda94069b33d19753cc889772024-03-18T10:29:37ZengSciendoStudies in Logic, Grammar and Rhetoric2199-60592023-12-0168127929310.2478/slgr-2023-0014Evaluating the Role of Machine Learning in Economics: A Cutting-Edge Addition or Rhetorical Device?Czech Sławomir01University of Economics in KatowiceThis paper explores the integration of machine learning into economics and social sciences, assessing its potential impact and limitations. It introduces fundamental machine learning concepts and principles, highlighting the differences between the two disciplines, particularly the focus on causal inference in economics and prediction in machine learning. The paper discusses diverse applications of machine learning, from extracting insights from unstructured data to creating novel indicators and improving predictive accuracy, while also addressing challenges related to data quality, computational efficiency, and data ownership. It emphasizes the importance of standardization, transparency, and ethical considerations in prediction tasks, recognizing that machine learning is a powerful tool but cannot replace economic theory. Ultimately, researchers remain optimistic about the transformative potential of machine learning in re-shaping research methodologies and generating new insights in economics and social sciences.https://doi.org/10.2478/slgr-2023-0014machine learningrhetotic in economicsscientific progress |
| spellingShingle | Czech Sławomir Evaluating the Role of Machine Learning in Economics: A Cutting-Edge Addition or Rhetorical Device? Studies in Logic, Grammar and Rhetoric machine learning rhetotic in economics scientific progress |
| title | Evaluating the Role of Machine Learning in Economics: A Cutting-Edge Addition or Rhetorical Device? |
| title_full | Evaluating the Role of Machine Learning in Economics: A Cutting-Edge Addition or Rhetorical Device? |
| title_fullStr | Evaluating the Role of Machine Learning in Economics: A Cutting-Edge Addition or Rhetorical Device? |
| title_full_unstemmed | Evaluating the Role of Machine Learning in Economics: A Cutting-Edge Addition or Rhetorical Device? |
| title_short | Evaluating the Role of Machine Learning in Economics: A Cutting-Edge Addition or Rhetorical Device? |
| title_sort | evaluating the role of machine learning in economics a cutting edge addition or rhetorical device |
| topic | machine learning rhetotic in economics scientific progress |
| url | https://doi.org/10.2478/slgr-2023-0014 |
| work_keys_str_mv | AT czechsławomir evaluatingtheroleofmachinelearningineconomicsacuttingedgeadditionorrhetoricaldevice |