Economics is an important discipline that concerns an individual’s daily activities. However, as much as the importance of economics to the people and the daily lives of individuals, it can be considered to have been influenced by other disciplines. Economics is a vast discipline that covers a lot of aspects that are important. As a result, the wide scope of knowledge covered by economics comes from multiple disciplines that are studies. Political science can be considered as one the discipline that influences economics largely (Malthus, Donald Winch, and Patricia James 194). Economics covers a wide scope of knowledge that come from political science. The same case applies to economics relation to accounting and finance where the discipline borrows a lot of aspects from accounting and finance discipline.
The paper looks at the extent to which economics has been influenced by other disciplines. The paper begins by explaining the discipline of economics and later looks at its relations to political science and the influence brought to economics by political science. The paper then looks at the extent to which economics depends on sociology to establish a better understanding of the thesis.
Analysis
Economics is an important discipline that is a social science that looks at analyzing and describing the distribution, consumption and production of wealth. Economics is divided into two main branches which are macroeconomics and microeconomics. Economics is applied in the various areas such as crime, family, health, education, law, religion, politics, war and social institutions.
The wide application of the economics discipline creates the understanding of how multiple other disciplines come in to influence economics independently. Initially, the discipline of economics had an identity crisis since the classical economists could not identify what basically were the main components of economics. There were various conflicting issues that lead to the economics failing to identify whether the discipline should be known as political economics or economics.
John Stuart Mill demonstrated an understanding of political economics and acted as an important figure towards early economics in the world. Mill brought the fusion between the theory of utilitarianism with the discipline of economics to bring about a deeper understanding of democracy in the world. The development of political economy can thus be traced to these scholars who are important and led to understanding of economics in the nineteenth century which can be reflected even in the 21st century (John Stuart Mill 42).
Political science influence on economics
Politics is an aspect that societies all over the world live by and bring about the development of the society. The discipline of political science and the discipline of economics are both branches of political science thus closing in the understanding that the two disciplines are related in many aspects. Numerous factors in political science are seen to hold a huge influence on economics. The term political economics itself was mainly used due to the belief that economics and politics could not be separated in any way.
Politics has a huge influence on economics as it can be demonstrated through factors such as inflation. The factor of inflation in a country requires procedures that will ensure that there is a cut in the budget deficit in a country. Pure economics alone is not able to explain the complex phenomena in a country such as income distribution, economic development, corruption, among many other factors important for development.
Political factors in a country are the main causes of economic development. Political science is thus important in ensuring that there is a better understanding between the two disciplines. The factor on inflation requires the implementation of monetary and fiscal policies which are necessary in ensuring that inflation is reduced. However, the use of these measures to curb inflation requires the use of political influence to ensure that they are implemented within the society. On the other hand, the calculation of the factors such as income distribution and corruption levels among others in a country requires political institutions to acquire solutions. Political economics as a discipline helps people in understanding the concept of increasing production through determining true and false economies.
It is thus important to note that, political science as a discipline contributes to the understanding of economics since the wide knowledge is supported through political science. The same cases apply to international economics and international politics and their relations. The ancient scholars had a difficulty in understanding the discipline of economics since they could not separate it from political science. The explanation can be reduced to the dependence that the discipline has on political science even though it can act independently.
Sociology influence on economics
Sociology and economics have a close relationship in such a way that a person might think that one discipline is a branch of the other since economic factors are a large influence to the society and the processes in an economy are influenced by the society thus showing the relationship. Without the study of the social background of the society, the study of economics becomes impossible. Sociology involves the study of human behavior to create a social theory that helps in understanding the discipline (Claude Fischer 15).
In economics, the main study deals with the economic activities of a human being. The activities range from consumption, distribution of wealth to production. The social lives of the people largely depend on economic factors. According to the definition of Marshall, economics is on one aspect the study of man and on the other aspect, the study of wealth. The definition shows the importance of sociology in assisting with the study of the economic activities of individuals.
On the other hand, economics can be considered as largely influenced by sociology. In economics as a discipline, the study of division of labor, occupation, consumer behavior, or property system requires the knowledge of sociology as a discipline. Therefore, it is important to note that without a background in sociology as a discipline, the study of economics will be impossible (Collison, Black, Coats, and Craufurd Goodwin 25).
Economics thus largely depends on sociology which can be understood from the point of view that there is a need to study the human behavior to understand how they would consume goods and services in the market.
Mathematics influence on economics
The relation between mathematics and economics is high since the discipline requires one to find solutions to multiple problems. Mathematics has largely influenced economics through the use of mathematical knowledge to solve economic problems. Most of the microeconomics formulas are formulated through the use of mathematical knowledge and understanding the basic principles of math. Economics involves the use of calculus, probability and statistics which are all application concepts borrowed from understanding basic mathematics.
Basically, the knowledge of mathematics is important in economics. Without a background in the math, a person would find that it is impossible to understand economics especially when it comes to the derivation of formulas. Economics is thus largely dependent on mathematics as a discipline and without the use of mathematical knowledge, it will be impossible to formulate economic problems and solve them.
Even though economics is dependent on multiple disciplines, the subject is important and helps in solving problems in other disciplines such as finance, engineering and urban planning. The basic concepts of economics are required for solve problems in these disciplines. The paper discusses the dependence of finance on economics below;
Finance dependent on Economics
The discussion has only provided how economics depends on other disciplines. However, economics as a discipline is important to other disciplines such as the study of finance. Understanding most of the concepts that are related to finance require background knowledge of economics which is acquired through the study of macro and micro economics. In finance, a person is likely to require the knowledge about inflation, unemployment rates and GDP growth rates to provide good advice on investment issues. The knowledge is acquired through the study of economics which is an independent discipline.
Conclusion
The paper has illustrated how economics is dependent on other disciplines providing detailed explanations. Economics is a wide discipline and can be used by many people in the society. This factor has largely influenced the dependence of the other disciplines. However, the paper has also established that economics also forms an important part of other disciplines such as finance. It is important for persons to understand that economics a vital discipline to a country and its development.
Works Cited;
Malthus, T R, Donald Winch, and Patricia D. James. An Essay on the Principle of Population, Or, a View of Its Past and Present Effects on Human Happiness. Cambridge: Cambridge University Press, 1992. Print.
Collison, Black R. D, A W. Coats, and Craufurd D. W. Goodwin. The Marginal Revolution in Economics. Interpretation and Evaluation: Papers Presented at a Conference Held at the Villa Serbelloni, Bellagio, Italy, August 21-28, 1971. Durham: Duke university press, 1973. Print.
Fischer, Claude. "On the Marxian challenge to urban sociology." Comparative Urban Research 6.2-3 (1978): 10-19.
Mill, John Stuart. "On the definition and method of political economy." The philosophy of economics: An anthology (2008): 41-58.
