Exploring Economics and Political Science

Economics and Political Science

            Economics and political science are both social sciences that aim to explain the actions and behaviors that occur within societal functioning. The discipline of economics as a social science describes the way society determines how to utilize and allocate resources, particularly when there is an insufficiency in available resources (Flynn, 2018). The discipline of political science as a social science describes societal actions as they pertain to politics including political organizations and their functions, as well as societies political involvement and the process of political decision making (University of California, 2021). Both the study of economics and political sciences are applied to aid in determining where the future is directed in relation to public thoughts and actions. Several theories of both economics and political science have been developed to assist in defining structured and researched thoughts and actions encasing a defined set of ideologies and beliefs (Bhattacherjee, 2021). 

Economic Theories

            There are several economic theories that are applied to define the economic thoughts, decisions, actions, and policies that occur within society and societal functioning. Keynesian economics is an economic theory developed by economist John Maynard Keynes that describes the relationship between societal and government functioning, specifically how individual public financial decisions impact government policies (Jahan et al., 2014). The theory describes the correlation between public wages, resources, requirements, and government spending (Jahan et al., 2014). Keynesian economics theory encourages increased taxation on goods and services to therefore increase government financial disbursements to civil systems, state benefits, and education systems to support a steady societal requirement for goods and services (Jahan et al., 2014). 

            An additional economic theory utilized to explain the relationship with between society and public resources is classical economics theory. In contrast to Keynesian economics theory, classical economics theory developed by economist Adam Smith characterized the economy as self-acting and performs rightfully with nominal government involvement (Higher Rock Education and Learning, 2018). Classical economics theory describes the relationship between the value of goods and services, and available resources (Higher Rock Education and Learning, 2018). The theory describes that the number of available resources does not rise based on the value of said resources or vice versa (Higher Rock Education and Learning, 2018). Therefore, as the requirement of goods and services increase, the value will increase and as the requirement of good and services decrease, the value will decrease (Higher Rock Education and Learning, 2018).

Political Science Theories

            There are several political science theories that aid in defining how society functions within politics. Feminist political theory is a political theory that was developed to encourage equity within the study of societies function in politics (Lokot & Bhatia, 2020). This theory confronts the inequities within politics for women and minority individuals including oppression and inaccurate representation (Lokot & Bhatia, 2020). Feminist political theory urges the expansion of societies political decision-making processes to consider the political independent involvement of an expanded representation including women and minority individuals, thus overall equity and inclusion within politics (Lokot & Bhatia, 2020). 

            An additional economic theory utilized to describe societies actions as they pertain to politics includes rational choice theory. Rational choice theory describes societal behavior in politics as a result of individual self-consideration and interests (Opp, 2019). The theory defines that political decisions are made based on personal motivations and encouragements considering the presented options (Opp, 2019). Therefore, societies political decisions are not based on political parties and ample consideration of all choices are individually measured (Opp, 2019). 

Economics and Political Sciences Function in Understanding Social Issues

There are many ways in which economics can influence social issues. One such example of this is the level of economic literacy in society. The level of economic literacy of an individual affects their everyday lives as customers, employees, and members of society (Walstad, 2023). The level of economic literacy among the members of a specific demographic, such as a nation, directly impacts those societies. Increased economic literacy leads to increased abilities to assess and respond to events or economic situations (Walstad, 2023). Increased economic literacy leads to a better quality of living and higher societal understanding and responses to dynamic economic situations and changes (Walstad, 2023). In order to achieve increased economic literacy, education regarding both micro and macro-level economic theory should be mandated in secondary school education (Walstad, 2023). Over the past 40 years, there has been an increase in promoting educational resources to secondary-level students, and a larger percentage of high school students are graduating with increased economic awareness and education (Walstad, 2023). This has directly led to an increase in educated economic decision-making within members of society which leads to sustained economic quality of living.

Political science can also influence social issues. An example of political science affecting social issues lies in the feminist political theory. Current political landscapes still operate largely on an inequitable representation of women and minority ethnicities (Watson, 2013). Feminist political theory first involves the promotion and acceptance of gender and race inclusion in all areas of political functioning (Watson, 2013). Feminist political theory promotes the principle of equity in gender roles within politics, and how governments have the ability to either further exacerbate gender inequities or alternatively reduce the inequities in everyday societies (Watson, 2013). One of the central goals of feminist political theory is to systematically reconstruct many of the large social issues in current political sciences in ways that address gender issues in the spotlight of political debate (Watson, 2013). This directly affects all of society, as continuing shifts in political sciences and society toward complete gender inclusion will assist in creating more progressive and gender-accepting governments and societies (Watson, 2013). As a result, this will lead to a more equitable and higher representation of women and minority individuals in all levels of societal development and progression.

References

Bhattacherjee, A. (2021, August 22). 4.5: Examples of social science theories. Social Sciences LibreTexts. https://socialsci.libretexts.org/Bookshelves/Social_Work_and_Human_Services/Social_Science_Research_-_Principles_Methods_and_Practices_(Bhattacherjee)/04%3A_Theories_in_Scientific_Research/4.05%3A_Examples_of_Social_Science_Theories

Flynn, S. M. (2018). Economics for dummies (3^rd ed.). John Wiley & Sons, Incorporated.

Higher Rock Education and Learning. (2018). Classical economics. Free Online Economics Lessons for Students, Homeschoolers, and Teachers. https://www.higherrockeducation.org/glossary-of-terms/classical-economics 

Jahan, S., Mahmud, A. S., & Papageorgiou, C. (2014). What is Keynesian economics. International Monetary Fund, 51(3), 53-54.

Lokot, M., & Bhatia, A. (2020). Unequal and invisible: A feminist political economy approach to valuing women's care labor in the COVID-19 response. Frontiers in Sociology, 5, 588279. https://doi.org/10.3389/fsoc.2020.588279

Opp, K. D. (2019). The rationality of political protest: A comparative analysis of rational choice theory. Routledge.

University of California. (2021). Political science major. Political Science Programs & Degrees - UC Merced SSHA. https://ssha.ucmerced.edu/academics/undergraduate-programs/majors/political-science 

Walstad, W. (2023). Why it's important to understand economics. Federal Reserve Bank of Minneapolis. https://www.minneapolisfed.org/article/1998/why-its-important-to-understand-economics

Watson, L. (2013). Feminist political theory. International Encyclopedia of ethics. https://doi.org/10.1002/9781444367072.wbiee757