Social Economics
Candlefocus EditorSocial economics is an interdisciplinary field that integrates economics, sociology, and psychology in an attempt to fully understand how social behavior relates to economic outcomes. While traditional economic models often only consider the material motives of economic actors, social economics expands the spectrum of influence to more precisely measure and analyze the numerous social factors that drive economic decisions.
The study of social economics gives insight into the myriad of individual and societal influences on a person’s economic choices. Social economists may investigate, for instance, the effect of educational attainment, involvement in crime or violence, access to healthcare, and more on economic decisions. Research may also focus on the effect of income inequality, taxation disparities, environmental degradation, or employment discrimination on economic outcomes.
Social economics is an ever-evolving field that responds to the changing social and economic conditions of the day. As its models become increasingly advanced and its solutions increasingly creative, social economics will continue to provide the tools necessary to navigate our complex economic and social lives. As its methods and applications become increasingly understood, it will become clear how social economics can be used to create more fair and prosperous societies.