The importance of data to economics

One discipline that requires careful analysis of volumes of data is economics. That is why those who choose to make a career in this field are also required to be skilled in mathematics and statistics. Some people make use of Excel files to accumulate all this data so as to analyze it at a later stage. Then there are others who prefer to let modern software applications carry out this work for them. Many of the economic upheavals of the modern world have been detected or predicted in advance since some economists were smart enough to look at the data and understand what it means.