Capterra Glossary
Computational Economics
Computational Economics is a field of research in which economists and computer scientists use software-based methods to solve analytical problems in order to make accurate predictions about the economy. Since economic formulas and algorithms rarely make sense in the real world, computational economics can help people understand the intricacies of systems such as the financial market. This happens when computational economics sets out to find numerical solutions to the complex problems in the many sectors of the financial market like macroeconomics. The disciplines of economics and computer science work together to build markets and platforms that are understood by non economical people. It begins with economics, which provides information regarding the outcome of certain monetary situations in a complicated way, then computer science offers simplified and easy to understand approximations.
What Small and Midsize Businesses Need to Know About Computational Economics
Using the interdisciplinary field of computational economics is essential to small and midsize economic platforms since it is an analytical tool that helps to make better business decisions. It is crucial for economists to understand that most of the population is not savvy in their field of work. With the help of computer science, economics can be simplified, making these small businessesʻ inventions more appealing to their target customer base.
Related Terms
- Big Data
- Analytics and Business Intelligence (ABI)
- Business Analytics
- Digital Disruption
- Master Data Management (MDM)
- Advanced Technology
- Autonomous Vehicles
- Predictive Analytics
- Artificial Intelligence (AI)
- Data And Analytics
- Data Mining
- Clickstream Analysis
- Information Delivery
- Real-time Analytics
- Computer-brain Interface
- Business Intelligence (BI) Services