Sociology and Economics

 SOCIOLOGY AND ECONOMICS

Economics is a process that deals white behavior of an individual in which he tries to fulfill his numerous needs and desires within his limited resources. In Economics, product elements such as land, labor, capital, and laborers are included. It also deals with needs and demands, supplies, rise and fall of prices divisions and production of national income, wages, taxes, banning, business, trade, etc, 

According to Ogburn and Nimkof, sociology I the scientific study of social life, according to the above-mentioned definitions, it can be hypothesized that a similarity exists between sociology and economics and they are closely related to each other. 

a) Similarity:

there are many factors which are common between both the subjects for example, population, stratification, professions and business administrations. As the two subjects have social structure and nature soboth study the different activities of individuals within social stup. Economic activities re performed by human groups and these activities reach to the full swing in community development. 

b) Sources of production:

Karl Marx encompassed the whole human history in the light of means of production. He said that economic progress and property affects the population directly. The peace and instability of a society depend on economic progress. That is why all the prosperous societies of the world such as Japan, America, France, and China are peaceful as well as they have a peculiar economic standard. 

c) Common problems: 

Both subjects have similarities in their problems. For example, over-population, problems of labourers, poverty, industrialization, terrorism, insecurity, suicide bombing, dearness, inflation, urbanization, migrations accompanied by the push and pull factors. 

d) Development. 

Development means empowerment. It means advancement in all spheres of like, such as industry, agriculture, education, etc. Moreover, it is the etc or process of developing, growth and progress such as economic development. We can also say that it is the improvement in human welfare, quality of life, and social well being and satisfying the population needs and wants. Sociology inclines toward social welfare as well as focuses on the socio-economic development of a society and suggests remedies to overcome social problems. 

e) Institutions:

Sociology takes a keen interest in the performance of social institutions because these institutions fulfill the basic needs of the people and they are the essential parts of society. Among these institutions, the economic institution is very important which deals with the production, distribution of goods and services to serve a better society. 

f) Statistical Lawas:

Bothe the socialsiences depend on the mutual relationship of different variables.

g) Dissimilarity. 

Sociology particularly deals with the group, society culture, social institutions, social problems, and social change, whereas economics deals with the economic aspects of an individual life. It deals with earning of money and profit, savings and loss, etc.