Socioeconomics

Not to be confused with Social economy.

Socioeconomics (also known as social economics) is the social science that studies how economic activity affects and is shaped by social processes. In general it analyzes how societies progress, stagnate, or regress because of their local or regional economy, or the global economy.

Overview

Socioeconomics is sometimes used as an umbrella term with different usages. The term 'social economics' may refer broadly to the "use of economics in the study of society."[1] More narrowly, contemporary practice considers behavioral interactions of individuals and groups through social capital and social "markets" (not excluding for example, sorting by marriage) and the formation of social norms.[2] In the latter, it studies the relation of economics to social values.[3]

A distinct supplemental usage describes social economics as "a discipline studying the reciprocal relationship between economic science on the one hand and social philosophy, ethics, and human dignity on the other" toward social reconstruction and improvement[4] or as also emphasizing multidisciplinary methods from such fields as sociology, history, and political science.[5] In criticizing mainstream economics for its alleged faulty philosophical premises (for example the pursuit of self-interest) and neglect of dysfunctional economic relationships, such advocates tend to classify social economics as heterodox.[6]

Paul Doran, the former Governor of Washington, remarked that, "socioeconomics, in essence, create profundities that preclude the convalescense of the people and time to create the bonheur of true litigation." Therefore, iconoclasm becomes greatly promulgated. [7]

An effect of different economic doctrines and policies, e.g., social vs liberal, on socioeconomic situation of some particular group of people is also being constantly argued at different levels of societies. Nevertheless, regarding economic freedom, overwhelmingly research shows that although it has its negative effects, especially in a shorter term, e.g., the phase of increasing inequality, overall trends are indicative that countries with higher levels of economic freedom have not only higher gross domestic product per capita and its growth rates, but also have better health care, education system, environment protection, as well as greater income equality, and maybe above all, happiness results. These trends of increasing prosperity with augmenting economic freedom are confirmed even when we compare them within different territories of countries.[8]

In many cases, socioeconomists focus on the social impact of some sort of economic change. Such changes might include a closing factory, market manipulation, the signing of international trade treaties, new natural gas regulation, etc. Such social effects can be wide-ranging in size, anywhere from local effects on a small community to changes to an entire society. Examples of causes of socioeconomic impacts include new technologies such as cars or mobile phones, changes in laws, changes in the physical environment (such as increasing crowding within cities), and ecological changes (such as prolonged drought or declining fish stocks). These may affect patterns of consumption, the distribution of incomes and wealth, the way in which people behave (both in terms of purchase decisions and the way in which they choose to spend their time), and the overall quality of life.

The goal of socioeconomic study is generally to bring about socioeconomic development, usually by improvements in metrics such as GDP, life expectancy, literacy, levels of employment, etc.

Although harder to measure, changes in less-tangible factors are also considered, such as personal dignity, freedom of association, personal safety and freedom from fear of physical harm, and the extent of participation in civil society.

See also

Notes

  1. ↑ John Eatwell, Murray Milgate, and Peter Newman, [1987] 1989. Social Economics: The New Palgrave, p. xii. Topic-preview links, pp. v-vi.
  2. ↑ • Gary S. Becker, 1974. "A Theory of Social Interactions," Journal of Political Economy, 82(6), pp. 1063-1093 (press +).
       • _____ and Kevin M. Murphy, 2001, Social Economics: Market Behavior in a Social Environment. Description and table of contents. Harvard University Press.
       • Mariano Tommasi and Kathryn Ierulli, ed., 1995. The New Economics of Human Behavior, Cambridge. Description and preview.
       • Steven N. Durlauf and H. Peyton Young 2001. "The New Social Economics" in Social Dynamics, ch. 1, pp. 1-14. Preview. MIT Press.
       • Steven N. Durlauf and Lawrence E. Blume, 2008. The New Palgrave Dictionary of Economics, 2nd Edition:
    "social interactions (empirics)" by Yannis M. Ioannides. Abstract.
    "social interactions (theory)" by José A. Scheinkman. Abstract.
  3. ↑ • 'Relation of Economics to Social Values' is the corresponding title of JEL: A13 in the Journal of Economic Literature classification codes.
       • Jess Benhabib, Alberto Bisin, and Matthew Jackson, ed., 2011. Handbook of Social Economics, Elsevier:
         Vol. 1A: Part 1. Social Preferences, ch. 1-11; Part 2. Social Actions, ch. 12-17. Description & Contents links and chapter-preview links.
         Vol. 1B: Part 3. Peer and Neighborhood Effects, ch. 18-25. Description & Contents links and chapter-preview links
  4. ↑ • Mark A. Lutz, 2009. "Social economics," in Jan Peil and Irene van Staveren, ed., Handbook of Economics and Ethics, p. 516. [Pp. 516-22.] Edward Elgar Publishing.
       • _____, 1999. Economics for the Common Good: Two Centuries of Social Economic Thought in the Humanist Tradition, Routledge. Preview.
  5. ↑ • John B. Davis and Wilfred Dolfsma, 2008. "Social economics: an introduction and a view of the field," in John B. Davis and Wilfred Dolfsma, ed.,The Elgar Companion to Social Economics, pp.1-7. Description
       • International Journal of Social Economics. Description.
       • Socio-Economic Review. Description.
  6. ↑ • Edward O'Boyle, ed., 1996. Social Economics: Premises, Findings and Policies, pp. ii and ix.
       • Tony Lawson, 2006. "The Nature of Heterodox Economics," Cambridge Journal of Economics, 30(4), pp. 483-505. Alternate access copy (press +).
       • Frederic S. Lee, 2008. "heterodox economics," The New Palgrave Dictionary of Economics, 2nd Ed., v.4, pp. 1–6. Abstract.
  7. ↑ http://cirrie.buffalo.edu/encyclopedia/en/article/313/
  8. ↑ Rožāns, Edgars, The Socioeconomic Impact of Economic Freedom. Humanities and Social Sciences, pp. 105-125, 2015. Available at SSRN: http://ssrn.com/abstract=2683493

References

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