The recent boom in machine learning (ML) and artificial intelligence (AI) techniques has shown their potential to revolutionize our societies, with noticeable advances in applied sciences (automation of transport, health, and interpersonal interaction). However, these powerful tools still have relatively low popularity in the social sciences. How can AI and ML be useful to a social science researcher, especially an economist like myself who studies innovation? Let me outline three ways in which AI can substantially improve economic analyses.
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