From the course: The Data Science of Economics, Banking, and Finance, with Barton Poulson

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Social media and economics

Social media and economics

From the course: The Data Science of Economics, Banking, and Finance, with Barton Poulson

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Social media and economics

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- [Narrator] I'd like to get one thing straight. When I talk about this video and social media and economics, I don't mean that it's about social media and marketing. I've talked about that elsewhere. Rather, I'm talking about how data science connects social media and the field of economics. Or, to use a term coined by Thomas Carlyle in 1849, the dismal science. So, to ask the obvious question, if that's what I mean, then what is economics? To give my Wikipedia definition, economics is a social science that is concerned chiefly with description and analysis of the production, distribution, and consumption of goods and services. So, the social science of goods and services, how they're made and distributed. Within economics, you generally talk about two branches. There's microeconomics, which studies the behaviors of individuals, and firms, and making decisions regarding the allocation of scarce resources, the interactions among those individuals and firms. And there's macroeconomics,…

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