This article opens up the broad spectrum showing the growth of data science. It then looks into the case of frictional unemployment. It answers the general question whether data science could solve the puzzle of frictional unemployment. Since it has been argued that professionals equipped with hadoop certification have less chance of suffering from frictional unemployment, the essay tries to peep into the truth of this observation. It looks at the future prospects of data science and concludes with prospective remarks.
Data science looks at the market from a broad perspective. It changes the traditional definition of market by enlarging the concept to include the hitherto excluded sectors. To understand whether data science can help in resolving frictional unemployment, we take the help of a few examples in the subsequent sections.
The growth of data science
The cloud of data science has inflated by a very large extent in the past few years. It needs to be mentioned at this point of time that data science has slowly encircled the sectors of business intelligence, big data analytics, statistics, soft computing, business management, data structures, knowledge discovery, complex algorithms and the like. In addition to this, data science also includes the emerging fields of artificial intelligence and information technology.
What is frictional unemployment?
Frictional unemployment occurs when a person who is engaged in a specific sector shifts to some other sector or job. However, in this process, he may remain temporarily unemployed for quite some time. This gap between the shifting from one job to another is known as frictional unemployment. Moreover, there is not any general period specified in case of frictional unemployment. This means that the problem of frictional unemployment can stay for a long time and thus become problematic. Let us now understand if we could resolve it through data science.
Can data science resolve frictional unemployment?
In the first paragraph itself, we mentioned about the growing realms of data science. This was very much intentional as it would help the reader with a bird’s eye view of the entire field.
Since the field of data science is so vast and dynamic, it can help in resolving the the issue of frictional unemployment in a sound manner. This is because of the increased accommodation that data science provides to various subjects and fields. For instance, a person of business management who is alien to any scientific discipline can readily opt for data science. Similarly, a person proficient in statistical studies can also choose a career in data science.
Is hadoop certification a feather in your cap?
Hadoop certification is indeed an added advantage when it comes to migrating across sectors and jobs. This is because a person with knowledge of hadoop does not need further training and is ready to perform in the industry.
Data science can play a leading role in resolving the crisis of frictional unemployment. Hence, there is an immediate need to look at it at a relatively larger level and in the context of the wider financial system.