Explain the relationship of economics with Sociology, Statistics and Political science.

Q. Explain the relationship of economics with 

(i) Sociology (May 2011) 

(ii) Statistics (May 2011) and 

(iii) Political science.

i) Relationship between sociology and economics: Sociology and Economics as social sciences have close relations. Relationship between the two is so close that one is often treated as the branch of the other, because society is greatly influenced by economic factors, and economic processes are largely determined by the environment of the society.

Economics deals with the economic activities of man. It deals with production, consumption and distribution of wealth. The economic factors play a vital role in the very aspect of our social life. Total development of individual depends very much on economic factors. Without economic conditions, the study of society is quite impossible. All the social problems are directly connected with the economic conditions of the people. That is why Marshall defines Economics as "on one side the study of wealth and on the other and more important side a part of the study of man."

In the same way Economics is influenced by Sociology. Without the social background the study of Economics is quite impossible.

ii) Relationship between statistics and economics: Statistics and Economics have close relations. Relationship between the two is so close that one is often treated as the branch of the other, because statistics is greatly influenced by data and information. Economics would be dependent on those data.

Economics deals with the economic activities of man. It deals with production, consumption and distribution of wealth, where production is directly related to statistics. Without economic conditions, the study of statistics is quite impossible.

iii) Relationship between political science and economics: Political science and economics are social sciences. Political science is the study of politics in theory and practice, while economics is the study of how resources are produced, allocated, and distributed. As well as dealing with subjects that often relate to one another in everyday life, the two are commonly seen as sister subjects in academic terms.

A variety of topics related to politics are addressed by political science. This includes differing political philosophies about how society should operate. It also includes the way political systems work to produce laws and government.

Economics deals with two main areas. Microeconomics is the study of how individual consumers and businesses make production, purchasing, investment, and saving choices. Macroeconomics looks at how an entire economy works and the way policies can affect the combined effects of microeconomic decisions. It can be argued that economics is a social science rather than a pure science, because it is based around resolving an irresolvable dilemma: how to meet people's unlimited wants with limited resources.