Machine Learning (ML) will have a big impact on economics as it helps in taking properly calculated decisions. The ML methods can be modified to make them fit for using in econometrics. These reduce the risk to failure. Data is the key to success for this. Based on the previous records, a model can be trained. Economists are being increasingly interested in technology. ML can help in clarifying the real situation from what is being assumed. Many technical firms are hiring economists. The mix of proper proportion of technology with the knowledge of economists will definitely lead to great results. Read more at: http://www.forbes.com/sites/quora/2016/01/27/what-will-the-impact-of-machine-learning-be-on-economics/#5bccf597ad5e