The best relationship between SOCIOLOGY and Economics

This article is written through books. Under this, an attempt has been made to explain the relationship between sociology and economics.

Economics and Sociology have much give and take between them.

Sometimes economics has been defined as the study of mankind in the ordinary business of life, but more properly, it is taken as the science of wealth in its three phases of production, distribution, and consumption (Gisbert 2006: 16).

sociology and economics

As the economic process develops in society, it influences and is influenced by the social life of man; the relation between these two sciences is very intimate.

Moreover, many economists like

• Sombart
• Max Weber
• Oppenheimer
• Pareto
• Schumpeter

interpreting economic change as an aspect of social change, held that the study of economics would be misleading and incomplete apart from its social setting an opinion that has gained considerable ground during the last few decades.

Again the economic system is embedded in the social structure as a part of it, the study of the former cannot be undertaken but as a function of the latter; that is why a celebrated economist said that ‘Economics must be the handmaid of sociology (Gisbert 2006: 16).

Economics investigates all the phenomena relating to production, consumption exchange, and distribution.

Thus, economics deals with managing material goods and services among the members of society.

What goods are produced at what rate and at what cost; and how those goods are distributed, are the fundamental concerns of the discipline of economics. The choices of consumers also determine production. Hence, this aspect has also gained significance in economic studies (Nagla 2019: 60).

Thus, the economist concentrates on the study of the economic behaviour of the people, while the sociologist is interested in the study of the sociology of economic life, such as income, occupation, consumption patterns, lifestyles, etc.

The sociologist critically examines the limitation of economic theory and makes a contribution to the study of economic phenomena.

On the other side, the economist seems to have become weary of the frequency with which the phrase ‘other things being equal’ recurs in economic analysis.

Some economists go beyond description (which forms a large part of most economic textbooks) of a small number of simple presuppositions about human behaviour (Nagla 2019: 60).

It is the emphasis on a particular aspect that distinguishes sociology from economics.

For instance, Adam Smith, a foremost economist, explained that the division of labour in society came with there was a need to have mass production, and division in society had to come.

For example, he says that the manufacturing of pins increased tremendously if there was a division of labour in its manufacture.

He found that a single worker in a factory could produce 40,000 pins in the day if the whole manufacturing unit passed through several hands.

Thus, for him, the division of labour in society was required for mass production. This was his economic perspective; more division of labour and in consequence more production.

Division of labour brings about differentiation and social ranking in terms of differential wages and rewards. However, Emile Durkheim took a different view on the division of labour.

He argued that the transformation of mechanical (simple) society into organic (complex) society was not for large-scale production but it was a need of the society itself.

Increased population, differentiated needs and rules, and regulations necessitate the division of labor (Nagla 2019: 60-61).

Economics and sociology have a two-way relationship in general.

The best relationship between Sociology and Economics is much given and taken.

For instance, anthropologists have described the exchange theory in terms of marriage relations drawing from the property system.

The origin of caste has also been analysed in terms of the economic division of labour reflected through the jajmani system.

The best relationship between Sociology and Economics is deep-rooted.

Read: Nature of Sociology

Reference:

Gisbert, S.J. Pascual (2010). ‘Fundamentals of Sociology’, Orient Blackswan, Hyderabad, p. 16-17.

Nagla, Bhupendra K., Sheobahal Singh (2019). ‘Introducing Sociology’, Rawat Publication, Jaipur, p. 60-61.