Social Economics

calender iconUpdated on October 24, 2023
economics
economy

Social economics is a branch of economics that examines the relationship between economic behavior and social outcomes. It seeks to understand how economic factors influence social processes and how social factors shape economic outcomes.

Key Concepts:

1. Social Choice: The study of collective decision-making processes, such as voting, taxation, and regulation.

2. labor market and Human Capital: The intersection of labor economics and social economics, focusing on labor market outcomes, human capital development, and inequality.

3. Poverty and Inequality: Studies on the distribution of income, wealth, and opportunities, and the impacts of poverty and inequality on social outcomes.

4. Social Networks: The study of social networks and their impact on economic behavior and social outcomes.

5. Gender and Development: Research on the effects of gender inequality on economic growth, development, and poverty.

6. Development Economics: The study of economic development in low- and middle-income countries, including issues of poverty, inequality, and sustainable development.

7. Behavioral Economics: The application of behavioral psychology to economic decision-making, exploring how cognitive biases and psychological factors influence economic outcomes.

Key Theories:

  • Becker-Friedman Model: A theory that explains the factors that influence people’s participation in social programs.
  • Theory of Planned Behavior: A theory that predicts people’s behavior based on their intentions, abilities, and opportunities.
  • Matching Theory: A theory that describes the relationship between job seekers and job creators.
  • Social Capital Theory: A theory that emphasizes the importance of social networks and connections in economic success.

Applications:

  • Policy design and evaluation
  • Labor market policy
  • Poverty reduction strategies
  • Social inequality
  • Urban planning
  • Behavioral economics

Key Researchers:

  • Milton Friedman
  • Anna Schwartz
  • Richard Thaler
  • Jean-Pierre Dube
  • Jeffrey Chetty

Overall, social economics is a diverse field that explores the interplay between economic factors and social outcomes. It has a wide range of applications in policy evaluation, development economics, and understanding human behavior.

FAQ's

What do you mean by socio-economic?

arrow down icon

Socio-economic refers to the relationship between social and economic factors, such as income, education, occupation, and access to resources, that influence individuals’ and communities’ well-being and opportunities.

What are examples of social economy organizations?

arrow down icon

What does social economy mean?

arrow down icon

What is the role of socio-economic factors in economics?

arrow down icon

What is an example of socio-economic?

arrow down icon

Categories

Pocketful Fintech Capital Private Limited (CIN U65999DL2021PTC390548):

The SEBI Registration No. allotted to us is INZ000313732.
NSE Member Code: 90326| BSE Member Code: 6808| MCX Member Code: 57120
DP CDSL: 12099800

Compliance Officer : Mr. Randhir Kumar Chaudhari
Tel no: 011- 49022222 / 011-49022277
Email: randhir@pocketful.in

Registered Address/Correspondence Address: C- 3, Ground Floor, Okhla Industrial Area, Phase - 1, New Delhi - 110020

For any complaints, drop us an email atlegal@pocketful.in

Procedure to file a complaint on SEBI SCORES: Register on SCORES portal. Mandatory details for filing complaints on SCORES: Name, PAN, Address, Mobile Number, E-mail ID.

Smart Online Dispute Resolution|Link To Circular|Procedures and Policies|Broker Investor Charter|DP Investor Charter

Benefits: Effective Communication, Speedy redressal of the grievances.

Benefits: Effective Communication, Speedy redressal of the grievances.

Please ensure you carefully read the Risk Disclosure Document as prescribed by SEBI and our Terms of Use and Privacy Policy.
The brand name Pocketful and logo is in process of trademarks registration. The cost-effective brokerage plans make Pocketful a trustworthy and reliable online stock broker. Available on both the web and mobile, it offers unmatched convenience to traders. If you are considering opening......

Read More