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The extract will explore the intersection between the fields of economics, computation & mathematics.
In this technology driven world, we have witnessed many startups that have become big multilateral organizations like Microsoft, Google, Facebook and most recently uber, all these companies have used technology to make life simpler and have been able to solve the problems with their products, these companies have resulted in the formation of new industry and era of computational economics, which is amalgamation of the concepts of computation, economics and algorithms.
Today we are able to get the data of simple human actions in a more detailed way through these tech companies, we can analyze everything ranging from tastes and preferences of various content on the internet, most searches on a particular content, the spending of person on daily travelling needs and or even the most heavy routes of the city in a micro levels with given homogenous sets.
Hence, when we compile this free-floating big data with proper logics, algorithms and represent it with computation modeling, we will be able to formulate suitable economic polices which would be more intimate and apt with changing trends of the population as compared with traditional econometrical models which do not include the computational logics.
Now analysis of the data would also provide the economists with better growth models of particular industry by giving the statistics with relevant agents to drive the growth. These agents are critical to speculate the future growth in complex adaptive systems, which are dynamic in nature and mostly interrelated with individual and collective actions.
We have seen that how Google is working in the field of biosciences (complex adaptive systems) and using the concepts of computation to evolve the human healthcare, similarly the same concepts are being used by Palantir to help the US government in the fields of cyber security, defense & counter-terrorism.
Though not many companies are focusing on the applications of the computation in economics, operational research & finance, thus leaving an open space for entrepreneurs to make life simpler by inventing new tools with help of computation and providing professionals to compile the data more efficiently.