"Economics must be made the handmaid of sociology." Critically analyze.

Economic theories developed initially to provide support to colonialism, imperialism and industrial capitalism. Mercantilist theory advocated optimum utilization of natural and human resources, reduced dependence on imports, state protection to traders and capitalists etc.

This was supported by Adam Smith through his free market theory which claimed that making money in a legitimate and rational way is ethical. It was supported by philosophers like Kant and Hegel.

As it developed economists like Alfred Marshall cajoled at Auguste Comte that sociology is yet to be born. He overglorified economics saying that it is quantitative, based on empirical facts while sociology is qualitative, speculative and based on assumptions. Thus both stand opposite to each other.

However sociologists like St. Simon studied industrial capitalism and advocated that good economy is not a guarantee for good society. It provided basis for Marxian sociology of exploitative capitalism, class domination etc. Max Weber also talked about presence of both substance (labour, technology, capital) and values for rise of egalitarian modern society.

Economists like Thorstein Veblen, Joseph Schumpeter, Braverman have studied leisure behaviour, conspicuous consumption etc. to study and develop economic models based on social behaviour. Similarly concepts like welfare economics, Fabian socialism are developed in both sociology and economics.