- Relationship of economics as a social science with mathematical and experimental sciences
- Importance of economics as a social science
- References
The economics is a social science because it is responsible for analyzing, describing and interpreting the behavior of human beings in the economic environment. In addition, this science predicts the possible events in which the economy affects various aspects within society.
Economics as a social science is based on the study of human behavior in the face of the relationship between ends and scarce means. In other words, the market has needs and the economy studies them to satisfy them.
Relationship of economics as a social science with mathematical and experimental sciences
The economy, despite being a social science, in the process of analysis and study of the individual uses mathematics as a means of calculation. This allows obtaining various data about the results obtained, which will be enriched in a subsequent analysis.
However, the results obtained with mathematical calculations are not entirely certain, since not all the influencing factors in the study carried out by economic science are quantifiable.
For example, the amount of demand that a good has will not depend only on the profitability that individuals have on it, nor on the value of the good. Other factors that influence the amount of demand that a good has will also depend on the taste and expectations that the individual has about it.
These last two characteristics are not fully measurable, therefore, they cannot be expressed in exact numbers.
It is important to highlight that the economy is focused and oriented on economic benefit. For this reason, economics differs from experimental sciences because their claims cannot be verified through an experiment.
The processes of economic studies are characterized by the complexity they have on social relationships and human behavior.
That is why mathematics is only used as a means and not as an end and experimental sciences cannot give concrete answers, since it is difficult to accurately predict the behaviors of social relationships without conducting some experiment.
Importance of economics as a social science
The economy plays a fundamental role in the environment of human behavior, since it allows the resolution of needs of various types, reaching a point of well-being and satisfaction.
On the other hand, the study of the economy analyzes the processes of extraction, transformation, production and consumption. Applying these economic theories to finance and business, in order to improve the quality of life of individuals on a daily basis.
Likewise, it is an ally of political science, being a powerful tool that wins or loses elections by itself. Statistically, a ruler is more likely to be reelected in a democracy if her economic policies were found to be correct and beneficial.
Finally, the economy is the social science that generates relationships between society and the administration, whether public or private.
Through this science, it is possible to measure the economic stability that a country has, around its growth and development, in order to issue policies and laws that focus on improving welfare and social benefit.
References
- Dowidar, MH (1977). Political economy, social science. Anagram.
- Isserman, AM (1986). Population Change and the Economy: Social Science Theories and Models. Boston: Springer Science & Business Media.
- Sanfuentes, A. (1997). Economics Manual. Santiago de Chile: Editorial Andres Bello.
- Schettino, M. (2003). Introduction to Economics for Non-Economists. Mexico: Pearson Education.
- Stehr, N. (2002). Knowledge and Economic Conduct: The Social Foundations of the Modern Economy. Toronto: University of Toronto Press.