Socioeconomics
Encyclopedia
Socioeconomics or socio-economics or social economics is an umbrella term
with different usages. 'Social economics' may refer broadly to the "use of economics
in the study of society
." 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. In the latter, it studies the relation of economics to social values.
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 or as also emphasizing multidisciplinary methods
from such fields as sociology
, history
, and political science
. 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
.
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 in terms of 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
.
Umbrella term
An umbrella term is a word that provides a superset or grouping of concepts that all fall under a single common category. Umbrella term is also called a hypernym. For example, cryptology is an umbrella term that encompasses cryptography and cryptanalysis, among other fields...
with different usages. 'Social economics' may refer broadly to the "use of economics
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
in the study of society
Social relation
In social science, a social relation or social interaction refers to a relationship between two , three or more individuals . Social relations, derived from individual agency, form the basis of the social structure. To this extent social relations are always the basic object of analysis for social...
." More narrowly, contemporary practice considers behavioral interactions of individuals and groups through social capital
Social capital
Social capital is a sociological concept, which refers to connections within and between social networks. The concept of social capital highlights the value of social relations and the role of cooperation and confidence to get collective or economic results. The term social capital is frequently...
and social "markets" (not excluding for example, sorting
Assortative mating
Assortative mating , and the related concept Disassortative mating, is the phenomenon where a sexually reproducing organism chooses to mate with individuals that are similar or dissimilar to itself in some specific manner...
by marriage) and the formation of social norms. In the latter, it studies the relation of economics to social values.
A distinct supplemental usage describes social economics as "a discipline studying the reciprocal relationship between economic science on the one hand and social philosophy
Social philosophy
Social philosophy is the philosophical study of questions about social behavior . Social philosophy addresses a wide range of subjects, from individual meanings to legitimacy of laws, from the social contract to criteria for revolution, from the functions of everyday actions to the effects of...
, ethics
Ethics
Ethics, also known as moral philosophy, is a branch of philosophy that addresses questions about morality—that is, concepts such as good and evil, right and wrong, virtue and vice, justice and crime, etc.Major branches of ethics include:...
, and human dignity on the other" toward social reconstruction and improvement or as also emphasizing multidisciplinary methods
Scientific method
Scientific method refers to a body of techniques for investigating phenomena, acquiring new knowledge, or correcting and integrating previous knowledge. To be termed scientific, a method of inquiry must be based on gathering empirical and measurable evidence subject to specific principles of...
from such fields as sociology
Sociology
Sociology is the study of society. It is a social science—a term with which it is sometimes synonymous—which uses various methods of empirical investigation and critical analysis to develop a body of knowledge about human social activity...
, history
History
History is the discovery, collection, organization, and presentation of information about past events. History can also mean the period of time after writing was invented. Scholars who write about history are called historians...
, and political science
Political science
Political Science is a social science discipline concerned with the study of the state, government and politics. Aristotle defined it as the study of the state. It deals extensively with the theory and practice of politics, and the analysis of political systems and political behavior...
. In criticizing mainstream economics
Mainstream economics
Mainstream economics is a loose term used to refer to widely-accepted economics as taught in prominent universities and in contrast to heterodox 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
Heterodox economics
"Heterodox economics" refers to approaches or to schools of economic thought that are considered outside of "mainstream economics". Mainstream economists sometimes assert that it has little or no influence on the vast majority of academic economists in the English speaking world. "Mainstream...
.
In many cases, socioeconomists focus on the social impact of some sort of economic change. Such changes might include a closing factory, market manipulation
Market manipulation
Market manipulation describes a deliberate attempt to interfere with the free and fair operation of the market and create artificial, false or misleading appearances with respect to the price of, or market for, a security, commodity or currency...
, the signing of international trade treaties, new natural gas
Natural gas
Natural gas is a naturally occurring gas mixture consisting primarily of methane, typically with 0–20% higher hydrocarbons . It is found associated with other hydrocarbon fuel, in coal beds, as methane clathrates, and is an important fuel source and a major feedstock for fertilizers.Most natural...
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
Automobile
An automobile, autocar, motor car or car is a wheeled motor vehicle used for transporting passengers, which also carries its own engine or motor...
or mobile phones, changes in laws, changes in the physical environment (such as increasing crowding within cities), and ecological
Ecosystem
An ecosystem is a biological environment consisting of all the organisms living in a particular area, as well as all the nonliving , physical components of the environment with which the organisms interact, such as air, soil, water and sunlight....
changes (such as prolonged drought
Drought
A drought is an extended period of months or years when a region notes a deficiency in its water supply. Generally, this occurs when a region receives consistently below average precipitation. It can have a substantial impact on the ecosystem and agriculture of the affected region...
or declining fish
Fish
Fish are a paraphyletic group of organisms that consist of all gill-bearing aquatic vertebrate animals that lack limbs with digits. Included in this definition are the living hagfish, lampreys, and cartilaginous and bony fish, as well as various extinct related groups...
stocks). These may affect patterns of consumption, the distribution of incomes and wealth
Wealth
Wealth is the abundance of valuable resources or material possessions. The word wealth is derived from the old English wela, which is from an Indo-European word stem...
, 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
Quality of life
The term quality of life is used to evaluate the general well-being of individuals and societies. The term is used in a wide range of contexts, including the fields of international development, healthcare, and politics. Quality of life should not be confused with the concept of standard of...
.
The goal of socioeconomic study is generally to bring about socioeconomic development
Socioeconomic development
Socio-economic development is the process of social and economic development in a society.Socio-economic development is measured with indicators, such as GDP, life expectancy, literacy and levels of employment...
, usually in terms of improvements in metrics such as GDP
Gross domestic product
Gross domestic product refers to the market value of all final goods and services produced within a country in a given period. GDP per capita is often considered an indicator of a country's standard of living....
, life expectancy
Life expectancy
Life expectancy is the expected number of years of life remaining at a given age. It is denoted by ex, which means the average number of subsequent years of life for someone now aged x, according to a particular mortality experience...
, literacy
Literacy
Literacy has traditionally been described as the ability to read for knowledge, write coherently and think critically about printed material.Literacy represents the lifelong, intellectual process of gaining meaning from print...
, levels of employment
Employment
Employment is a contract between two parties, one being the employer and the other being the employee. An employee may be defined as:- Employee :...
, etc.
Although harder to measure, changes in less-tangible factors are also considered, such as personal dignity
Dignity
Dignity is a term used in moral, ethical, and political discussions to signify that a being has an innate right to respect and ethical treatment. It is an extension of the Enlightenment-era concepts of inherent, inalienable rights...
, freedom of association
Freedom of association
Freedom of association is the individual right to come together with other individuals and collectively express, promote, pursue and defend common interests....
, personal safety and freedom from fear of physical harm, and the extent of participation in civil society
Civil society
Civil society is composed of the totality of many voluntary social relationships, civic and social organizations, and institutions that form the basis of a functioning society, as distinct from the force-backed structures of a state , the commercial institutions of the market, and private criminal...
.
See also
- Economic sociologyEconomic sociologyEconomic sociology studies both the social effects and the social causes of various economic phenomena. The field can be broadly divided into a classical period and a contemporary one. The classical period was concerned particularly with modernity and its constituent aspects...
- Behavioral economics
- Economic imperialism (economics)
- Industrial RevolutionIndustrial RevolutionThe Industrial Revolution was a period from the 18th to the 19th century where major changes in agriculture, manufacturing, mining, transportation, and technology had a profound effect on the social, economic and cultural conditions of the times...
- Political economyPolitical economyPolitical economy originally was the term for studying production, buying, and selling, and their relations with law, custom, and government, as well as with the distribution of national income and wealth, including through the budget process. Political economy originated in moral philosophy...
- Social classSocial classSocial classes are economic or cultural arrangements of groups in society. Class is an essential object of analysis for sociologists, political scientists, economists, anthropologists and social historians. In the social sciences, social class is often discussed in terms of 'social stratification'...
- Income inequality metricsIncome inequality metricsThe concept of inequality is distinct from that of poverty and fairness. Income inequality metrics or income distribution metrics are used by social scientists to measure the distribution of income, and economic inequality among the participants in a particular economy, such as that of a specific...
- Household income in the United StatesHousehold income in the United StatesHousehold income is a measure commonly used by the United States government and private institutions, that counts the income of all residents over the age of 18 in each household, including not only all wages and salaries, but such items as unemployment insurance, disability payments, child support...
- List of countries by income equality
- Socionomics
- Marek BelkaMarek BelkaMarek Marian Belka is a Polish professor of Economics, a former Prime Minister and Finance Minister of Poland, former Director of the International Monetary Fund's European Department and current Head of National Bank of Poland.- Biography :...
- Amitai EtzioniAmitai EtzioniAmitai Etzioni is a German-Israeli-American sociologist.-Biography:In 1933, Amitai Etzioni was only four years old when the Nazis rose to power in Germany. He was separated from his family but reunited with them by the year 1947...
- Jose Perez AdanJose Perez AdanJose Perez Adan is a communitarian sociologist and leader of the Dark Side of the Force in Spain. He obtained his doctorate at Macquarie University . At present he holds a teaching and research position in Sociology at the University of Valencia...
Earlier works
- Gustav CasselGustav CasselKarl Gustav Cassel was a Swedish economist and professor of economics at Stockholm University.Cassel's perspective on economic reality, and especially on the role of interest, was rooted in British neoclassicism and in the nascent Swedish schools...
, [1931] 1932. The Theory of Social Economy. Reprinted 1967, Augustus M. Kelley. From the Mises Institute, select among sections (press +). - Max WeberMax WeberKarl Emil Maximilian "Max" Weber was a German sociologist and political economist who profoundly influenced social theory, social research, and the discipline of sociology itself...
, 1922. Economy and SocietyEconomy and SocietyEconomy and Society is a book by political economist and sociologist Max Weber, published posthumously in Germany in 1922 by his wife Marianne. Alongside The Protestant Ethic and the Spirit of Capitalism, it is considered to be one of Weber's most important works...
, 2 v. Description and scroll to chapter-preview links. - Friedrich von WieserFriedrich von WieserFriedrich Freiherr von Wieser was an early member of the Austrian School of economics. Born in Vienna, the son of Privy Councillor Leopold von Wieser, a high official in the war ministry he first trained in sociology and law...
, [1924] 1928. Social Economics. Foreword by Wesley C. Mitchell. Reprint 2003, Routledge. Scroll to chapter-preview links links.