Economics is a fascinating and complex subject that studies how people, organizations, and societies allocate scarce resources to satisfy their needs and wants. It is often called the "social science of choice" because it analyzes how people make decisions under various constraints and incentives.

One of the most fundamental concepts in economics is supply and demand, which describes how the interaction of buyers and sellers determines the price and quantity of goods and services in a market. Supply and demand can be influenced by many factors, such as preferences, income, technology, competition, regulations, and expectations.


Economics can be applied to various domains and levels of analysis, from individual households and firms to national and international economies. For example, national economic planning is a branch of economics that deals with the design and implementation of policies and strategies to achieve specific economic objectives, such as growth, stability, equity, and sustainability. National economic planning requires a comprehensive and interdisciplinary approach that considers the interrelationships among different sectors, regions, and actors in the economy.


With the myriad of variables in this procedure and process, economists have always struggled with how much data to analyze and make reasonable inferences. Now with the emergence of Artificial Intelligence (AI) that utilizes Large Language Models (LLM) that unseemly intractable analysis problem can now be solved.


Thus, artificial intelligence (AI), which is a rapidly evolving field that uses computer systems to perform tasks that normally require human intelligence, such as learning, reasoning, and decision making is providing economists and statisticians a very big helping hand. AI has the potential to transform various aspects of economics, such as data collection and analysis, modeling and simulation, forecasting and optimization, and policy evaluation and recommendation. AI can also create new opportunities and challenges for economic agents, such as consumers, producers, workers, and regulators

As AI continues to evolve, its integration with administrative planning will reshape the economic landscape of developing regions. We can expect:

1. Increased Efficiency:
   AI will streamline government processes, reducing bureaucratic hurdles and accelerating development initiatives


2. Enhanced Transparency:
   AI-powered data analysis will bring greater transparency to government operations, fostering trust and accountability


3. Sustainable Growth:
   By optimizing resource allocation and predicting future trends, AI can pave the way for more sustainable and inclusive economic growth

However, it's crucial to remember that AI is a tool, not a silver bullet. Successful implementation requires addressing potential pitfalls like data bias, ethical considerations, and the need for human expertise to interpret and utilize AI outputs effectively.

Watch The Video

With such a diverse and dynamic field, it is essential to have experts who can provide reliable and relevant insights and guidance on economic issues and opportunities. That is why we are proud to introduce you to our featured expert, who has a Master's degree in National Economic Planning and a Doctorate in Economics.

Our expert has a solid academic background and extensive professional experience in economics and related fields. He has conducted research and published papers on various topics, such as macroeconomic modeling and forecasting, fiscal and monetary policy, international trade and finance, and economic development and cooperation. He has also worked as a consultant and advisor for various organizations, such as governments, international institutions, corporations, and non-governmental organizations.