Economics as a Social Science

Authore(s) : Madhurima ||| Reseacher

Volume : 9, Issue : 3, March - 2022

Abstract : Social science is a field/body of knowledge that deals with and studies the reaction and behavior of society or people to particular issues, topics, circumstances, etcetera. The social aspect of Economics is the preferences and problems dealt with by society. It is a science as it uses the scientific, interpretative, and analytical methods of analysis and hypothesis to understand human behavior. Economics  requires  individuals  to  have a  rational and  gain-oriented  approach,  seeking maximum utility from an exchange utilizing their limited resources. Economics is a social science owing to its closeness to other Social Sciences like Sociology, Psychology, Mathematics, Statistics, Political Science, and History. Therefore as Social Science,  Economics  impacts  the  everyday  life of  a  common  person  by involving  simple decisions like whether to buy a commodity or not on one hand and on the other, it impacts nations and involves complex economic factors like taxation, inflation, governmental policies, unemployment, foreign exchange etcetera, that impacts a country on a macro level. We must also note that the economic factors and policies of a nation also impact the political, geographical, and social aspects of other nations too.

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References :

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