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Economics in the Age of Algorithms

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  • Sendhil Mullainathan

Abstract

The rise of algorithms, particularly machine learning, does more than impact the economy. These tools offer new empirical methods. They enable new kinds of interventions. And foundational theories must be changed to account for them. Economics is, at its heart, about decisions. Because they change how we study, model, and improve decisions, algorithms should transform not just the economy but economics itself.

Suggested Citation

  • Sendhil Mullainathan, 2025. "Economics in the Age of Algorithms," AEA Papers and Proceedings, American Economic Association, vol. 115, pages 1-23, May.
    • Handle: RePEc:aea:apandp:v:115:y:2025:p:1-23
    DOI: 10.1257/pandp.20251118
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    More about this item

    JEL classification:

    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • C45 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Neural Networks and Related Topics
    • D78 - Microeconomics - - Analysis of Collective Decision-Making - - - Positive Analysis of Policy Formulation and Implementation
    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General

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