Juan Pedro Gómez, Finance Professor at IE University, gives us some insight on how data is used in economics.

Economics is a fast-paced field of study that constantly evolves alongside advances in technology and the behavioral sciences. The economists of tomorrow must be able to understand how economic motivations and social concerns interact with new transformative technologies in order to master the modern world’s progressively complex economy.

As part of IE University’s new Bachelor in Economics, students will learn about human behavior, economic environments, and global markets, enabling them to grasp the new reality of economics and how it affects the diverse world we live in. Our future-forward, innovative, and career-focused program equips students with the skills they need to drive economic transformation, business efficiency, and digital growth in a tech-driven era.

The Bachelor in Economics is a stimulating program that sets out to apply the fundamental principles that underpin economics into the context of our currently evolving digital and tech era.

This program takes learning one step further than simply teaching traditional economics; our professors apply their knowledge of the current landscape of economics to the classrooms so that students are able to learn the key implications of technology within this sector. Largely left out of similar programs, the Bachelor in Economics includes the implications of automation, e-platforms, and the circular and sharing economy. Students also build upon their knowledge of the internet of things, artificial intelligence, machine learning, analytics, and big data—namely focusing on how these affect decision making and policies within a local and global environment.

Furthermore, at IE University, we understand the importance of understanding the economy from a global perspective as means to understanding the impact it may have on international relations, governments, and organizations. As such, our professors ensure you are able to drive economic transformation, growth, and efficiency on a global scale.

To mark the launch of our new program on October 3rd, IE University invited industry experts to share their views on the impact of modern economics on the world we live in.

Juan Pedro Gómez is a Doctor in Economics and a Finance Professor at IE University. His research has its roots in human behavior, but he also focuses on investment and international asset pricing. He has written various academic pieces that have been published in specialized journals, including the Journal of Finance and the Journal of Economic Theory.

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Here, Professor Gómez explains the key role of data in today’s economy, and how our understanding of economics has evolved within the digital context.

“The skills that graduates need to master nowadays are certainly data analysis and econometrics. In the old days it used to be kind of optional, so you could survive economics being a theory economist, but not anymore.

Nowadays you need to master various methods in order to methodologically and scientifically answer questions. It’s not enough to say that A and B correlate—you need to prove whether A causes B or not. It has become very demanding.

You need to know how to handle data—that includes obtaining the data, processing it, cleaning it, and then getting a final set—as well as what you’re going to be doing with that data, what kind of methods you’re going to use, and how you’re going to process it and obtain final conclusions.

I believe students should pursue a Bachelor in Economics because, most of all, it’s fun! You’re going to be dealing with issues and topics that you can read about everyday in the newspapers. It makes for great topics for conversation and—jokes aside—I believe that you can contribute to make this a better world.”

Juan Pedro Gómez

Understanding the power of data—and how to harness it—is increasingly relevant in today’s digital world. By pursuing the Bachelor in Economics, young economists can master this key skill in order to shape the economy of tomorrow.