THE RELATIONSHIP BETWEEN ECONOMICS AND DATA SCIENCE
Keywords:
Data Science, economic development, artificial intelligence, hybrid method, public policy, clustering, deep learning, LSTM, CNN, recommendation systems, logistic regression, decision tree, digital transformation, Uzbekistan economyAbstract
This paper explores the growing importance of Data Science in the context of modern economic systems, examining its integration into policy-making, business strategies, and public governance. The analysis focuses on the synergy between data-driven approaches and economic decision-making, highlighting their significance in shaping efficient, innovative, and sustainable economies. The research draws on examples from developed nations, including the United States, the United Kingdom, Germany, and South Korea, to illustrate best practices in the use of data analytics, artificial intelligence, and machine learning in economic development. The paper also presents a critical assessment of the current state and future potential of Data Science in Uzbekistan. Key priorities such as workforce development, digital infrastructure, legal frameworks, and public-private cooperation are identified as crucial to fostering digital transformation. By synthesizing global experiences with national goals, this study provides a roadmap for integrating Data Science into Uzbekistan's economic landscape.
References
1. Brynjolfsson, E., & McAfee, A. (2014). The Second Machine Age: Work, Progress, and Prosperity in a Time of Brilliant Technologies. New York: W. W. Norton & Company.
2. Provost, F., & Fawcett, T. (2013). Data Science for Business: What You Need to Know about Data Mining and Data-Analytic Thinking. O'Reilly Media.
3. OECD. (2020). The Digital Transformation of SMEs. OECD Publishing. https://doi.org/10.1787/bdb9256a-en
4. Manyika, J., Chui, M., Brown, B., Bughin, J., Dobbs, R., Roxburgh, C., & Byers, A. H. (2011). Big data: The next frontier for innovation, competition, and productivity. McKinsey Global Institute.
5. Gandomi, A., & Haider, M. (2015). Beyond the hype: Big data concepts, methods, and analytics. International Journal of Information Management, 35(2), 137–144. https://doi.org/10.1016/j.ijinfomgt.2014.10.007
6. Chen, M., Mao, S., & Liu, Y. (2014). Big Data: A Survey. Mobile Networks and Applications, 19(2), 171–209. https://doi.org/10.1007/s11036-013-0489-0
7. World Bank. (2021). Data for Better Lives: World Development Report. Washington, DC: World Bank. https://wdr2021.worldbank.org/
8. Kim, K. (2020). Korea’s Digital New Deal: Data Infrastructure, AI, and Smart Governance. Korea Development Institute Journal.
9. UZSTAT. (2024). Statistika qo‘mitasi rasmiy ma’lumotlar bazasi. https://stat.uz
10. https://www.oreilly.com/library/view/data-science-for/9781449374273/
11. https://www.sciencedirect.com/science/article/abs/pii/S0304407623003433
12. https://www.mdpi.com/2227-7390/8/10/1799
13. Ministry for Development of Information Technologies and Communications of the Republic of Uzbekistan.
14. OECD. (2023). Digital Government in Korea: From e-Government to Digital Transformation.
