Machine learning is a method of data analysis that automates analytical model building. Using algorithms that iteratively learn from data, machine learning allows computers to find hidden insights without being explicitly programmed where to look.

Machine Learning algorithms are classified as –
1) Supervised Machine Learning Algorithms
2) Unsupervised Machine Learning Algorithms
3) Reinforcement Machine Learning Algorithms

Top 10 Machine Learning Algorithms --

1)    Naïve Bayes Classifier Algorithm
2)    K Means Clustering Algorithm
3)    Support Vector Machine Algorithm
4)    Apriori Algorithm
5)    Linear Regression
6)    Logistic Regression
7)    Artificial Neural Networks
8)    Random Forests
9)    Decision Trees
10)  Nearest Neighbours

To know more: https://www.dezyre.com/article/top-10-machine-learning-algorithms/202

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