What are the Challenges of Applying Machine Learning in Economics and Business?
Analysts Corner
OCTOBER 30, 2024
While machine learning (ML) offers transformative potential for economics and business, applying it effectively in these fields presents unique challenges. Economic and business data are often complex, interdependent, and prone to fluctuations, making it difficult for models to maintain accuracy and relevance over time. Additionally, machine learning models in these fields must balance interpretability with predictive power, as transparency is crucial for decision-making.
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