The third challenge, to conclude my brief overview, is that this extraordinary set of events took place at the same time that the economy was starting to slow down from the second half of 2000 onwards.
Unlike Econometrics, which concentrates on solving non-linearity bias problems in a typical linear framework, Data Science is about improving our ability to work with non-linear relationships in the system. Another difference is that Econometrics concentrates on methods such as robustness, while machine learning algorithms became popular for their outstanding predictive performance 4. 3.