THE ROLE AND IMPORTANCE OF DATA SCIENCE IN MACROECONOMICS AND MICROECONOMICS

Abstract

Data science has emerged as a transformative discipline that significantly influences both macroeconomic and microeconomic analyses. By leveraging vast datasets and advanced analytical tools, data science enables more accurate forecasting, efficient resource allocation, and deeper insights into economic behaviors at multiple levels. This paper explores the critical role and importance of data science in understanding economic phenomena, improving decision-making processes, and fostering sustainable economic growth. Through a review of recent studies and practical applications, the paper highlights how data science methodologies enhance economic modeling and policy formulation in both macro and microeconomic contexts.