They might not use it for modelling work, but they definitely do for general analysis and tracking the latest developments in the economy. Some economists who have been in the game for decades simply don't need anything other than Excel to make a few quick calculations and make up their mind what's going on. For them, anything else is just overkill. Eno Eno 51 5 5 bronze badges. In my experience anecdotal , the finance sector uses excel a lot.
Jamzy Jamzy 3, 16 16 silver badges 45 45 bronze badges. EViews is another option. Tyler Wyckoff Tyler Wyckoff 1 1 silver badge 8 8 bronze badges. On a personal note I myself use Maxima sometimes which is a free program similar to Mathematica. Maarten Punt Maarten Punt 2, 8 8 silver badges 17 17 bronze badges. Sign up or log in Sign up using Google. Sign up using Facebook. Sign up using Email and Password. Post as a guest Name. Email Required, but never shown.
Featured on Meta. New post summary designs on greatest hits now, everywhere else eventually. Linked 9. Related 3. Hot Network Questions. Question feed. Economics Stack Exchange works best with JavaScript enabled. Accept all cookies Customize settings. Visit MaxStat Now. In WizardMac, no typing or programming is required for data analysis. Any professional can start their survey with the help of WizardMac.
The predictive models help to make the business choices very easy. A free trial version of WizardMac is available. The more features available in a package, the higher the price. Visit WizardMac Now. AcaStat is one of the best statistical analysis tools available online and it analyses data using very simple statistical tools.
It does statistical analysis rapidly and makes it simple. Visit AcaStat Now. A large number of statistical and graphical tools to analyze data are available on NCSS software.
Statwing is one of the fastest statistical tools available in the market. A free trial of Statwing software is available for users. The cost of services increases with additional features. Visit StatWing Now. XL Stat is statistical software which has lots of features to meet user needs. A free trial of XL Stat is available for users. Octave website Scilab semi-Free : Scilab is another clone of Matlab. The Scilab license is more restrictive than the Octave license. Scilab website R Free : A Free implementation of the S language first developed at Bell Labs that is very good for statistical computing.
There are non-free implementations, but I have never seen them used anywhere. The basic software has a very "bare bones" interface, but a separate very nice Matlab-like interface is available in RStudio see link below. Can produce high quality graphs. Large community of users, there is a huge selection of user written packages for R, which are also Free including packages for Finance. Probably slower than Matlab for many applications. This used to have quite a large following among econometricians.
Aptech website Ox free for academic use : Another matrix programming language. For academics, it is free. Small user community. Gauss code can be run through Ox. Ox website Online documentation for Ox An Introduction to Ox I want to do algebra with the computer: back to top Need to solve a large polynomial? Mathematica: Mathematica is probably the leading commercial program to do symbolic calculus.
It is powerful but a bit difficult to master. It is also very, very expensive. Produced by Wolfram Research. Wolfram Research website If you just want to do a quick integral, you can use their Mathematica Online Integrator.
Maple: Maple is program that allows to do symbolic calculus. Compared to Mathematica it has the added feature that a reduced version of it comes integrated with Scientific Workplace which allows expressions to be manipulated directly from the text. Of course, a full version of Maple can also be purchased separately. It is a command line program, so some amount of programming knowledge is required.
However, having been in use for many years since , there is extensive documentation and advice on using the program which can be found online. Matplotlib is another popular option for economists looking for tools to aid in the visual display of their results. It is a 2D Python library for plotting which produces particularly attractive figures, and the library can be used in Python scripts or be run on web application serves.
This library is a good choice for anyone familiar with the statistical software package Matlab, as the Matplotlib interface is similar, making it easy to learn. The default style of the graphs produced by Matplotlib is attractive and polished, requiring less tweaking than those produced by Gnuplot.
However, Matplotlib works only with Python, whereas Gnuplot can work with other programming languages too. R is already popular among statisticians and scientists working in data-heavy fields for statistical analysis in addition to graphing.
It uses a command-line interface, thus requiring some degree of technical ability, but once mastered is a powerful tool for data analysis and can be very beneficial for an economist. There are a wide range of graph types available in both 2D and 3D formats, which is beneficial for finding the perfect format for displaying your data.
However, while the default graph style produced by R is functional, it requires some work to make the produced graphs look more elegant. R is an excellent plotting option for the economist working with a large data set, particularly if they are already familiar with the programming language.
If you want to take advantage of the advanced features of plotting with R but are intimidated by the command line, then R Commander can be a great help — it is a graphical user interface for R which is designed to be accessible for novices.
A further possibility is Gephi, an visualization tool for the exploration of networks and complex systems. It is most known as a social network analysis tool for visualising the social relationships between individuals, but it also has applications for economic research. Alongside delivering network metrics and calculations, Gephi offers a high degree of design control enabling users to build high quality graphics suitable for publication and poster display.
As it is Java-based it runs cross-platform, and although it requires some technical knowledge of network analysis, the user experience is fairly accessible. An alternative tool for these kinds of data sets is NodeXL , an open-source plug-in for Microsoft Excel which allows the analysis of social network data with Excel, and is more suitable for beginners.
Each of these tools can help you to communicate your data more effectively by presenting it in an attractive and carefully-designed format.
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