I am a new graduate student in economics, and my advisor has recently focused on applying machine learning techniques to economics. It seems natural for me to take up this area, but I heard the rumors that this field is highly immature. It is believed by some others that the researches existed are unsystematic and disorganized, and most researchers are of the type "Try this. If it does not work out, try that." They also claimed that working on this area does not help if one wishes to step foreward in academy.
I am not sure what to do, and I really need some expert advice. Can anyone confirm or disprove the argument above? Also, are there any summaries that worth reading, or any researchers in this area that I may follow up? Thanks in advance!