What Will The Impact Of Machine Learning Be On Economics?

What will be the impact of machine learning on economics? NEW YORK, NY - MAY 05: Susan Athey speaks at TechCrunch Disrupt NY 2014 - Day 1 on May 5, 2014 in New York City. The short answer is that I think it will have an enormous impact; in the early days, as used "off the shelf," but in the longer run econometricians will modify the methods and tailor them so that they meet the needs of social scientists primarily interested in conducting inference about causal effects and estimating the impact of counterfactual policies (that is, things that haven't been tried yet, or what would have happened if a different policy had been used). Examples of questions economists often study are things like the effects of changing prices, or introducing price discrimination, or changing the minimum wage, or evaluating advertising effectiveness. We want to estimate what would happen in the event of a change, or what would have happened if the change hadn't taken place.