Malavika G NairAIR 45 · CSE 2024 · 166 wordsTheir whole copy
Opening
Economics and sociology has had different origins but their pathways have often overlapped. Pursuing the ideas of Comte, Durkheim, Parsons
Body · points and prose
→ Economics as a handmaid to sociology
↳ Economic view is limited in terms of societal impacts (Durkheim). Parsons suggests only a holistic theory can explain differentiation.
↳ Marx uses economic substructure and mode of production to explain other aspects of society.
→ Data from economy is used for social policy e.g. S.C Dube's study on Community Development Programs.
→ Policy formulation like Planning relies on social research than mere economics.
→ Need for divergence: However economics is different → uses more statistical analysis and is data driven e.g. inflation, GDP etc → has more definitive laws e.g. law of supply and demand. → focus is on predictions for policy making e.g. Monetary Policy Committee of RBI.
Close · a summary
There is more convergence nowadays with behavioural economics like Richard Thaler which shows overlap Thus rather than be a handmaid, both disciplines can have a give and take relation.