Dr. Akhter M. Rather quoted in 'Computational Economics Can Help Achieve Better Economics' - The Times of India
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AI is based on the heuristics model. Economists were using auto-regressive model to forecast the GDP of a country. These may not be able to help in understanding the complexitites of the data. For example, statistical models may not be able to capture the complexity of data arising out of the disruptions caused by the Ukraine-Russia war. Similarly, the Covid-19 pandemic is like a "noise" in the data, understanding this noise using statistical models will be difficult.
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