Professor Adrian Stoian on "Data: the New Oil"

Professor Adrian Stoian

The Department of Economics organized a talk by JCU Professor Adrian Stoian titled “Data: the New Oil,” on Tuesday, November 27.

Professor Stoian began his presentation with examples of how data and artificial intelligence (A.I.) can be used in areas as diverse as the creation of art or in selecting board members for corporations. Economists have long documented how technology is skewing the labor market in favor of people who can work with it. The recent developments in A.I. are likely accelerating these effects.

Professor Stoian argued that because of the skill sets economists have, they are favored by the current technological changes. Companies around the world and increasingly governments too are looking for people who can help them gain insights from the vast amount of data that is currently collected. In recent years, big tech companies have consistently hired Ph.D. economists from top universities. But the opportunities for data-driven individuals are not limited to Ph.D. economists only. As professor Stoian emphasized, graduates who have solid mathematical, statistical and economics background and who can work with various software and platforms are poised to do well in the job market at various levels.

Professor Stoian provided examples of skills in demand, expected salaries, potential questions in a hiring interview, and online resources. He also argued that the future of Economics both as a field as well as in terms of how it is taught in universities will be increasingly centered around data.

Associate Professor of Economics at JCU, Professor Stoian has research interests in applied microeconomics, in the fields of experimental economics, economic history, and labor economics. His papers have appeared in prestigious outlets such as Experimental Economics, Explorations in Economic History, and National Bureau of Economic Research Working Paper Series.