Economics is closely related to the other social sciences, particularly politics, sociology (because some academics argue that economics is in fact a branch of sociology) and ethics; there are also strong connections with psychology, as economics is often influenced and affected by human behavior patterns. Economic thought dates back to ancient Athens with Plato and Aristotle both describing fledgling economic models in their writings.Continue Reading
Sociology, which is the study of human social behavior, can have a quantifiable effect on the application of economics in many ways. Stock market prices, for example, are often influenced much more by the perceptions of investors and shareholders than by actual hard data. Understanding what drives human behavior can lead to a better prepared economic model, and can also mean markets can be tailored around specific patterns of behavior.
Politics and economics are more visibly connected, thanks to the inseparable link between the science of state and the health of the economy. Interestingly, there is much debate about the level of agreement academic economists have with political economic decisions, due to the often long time scales needed to effect and alter economic models, which is often at odds with the need for quick political fixes.Learn more about Economics
In the social sciences such as psychology and sociology, "structured observation" is a method of data and information collecting. Through the structured observation method, social scientists are able to look selectively at the social phenomena they are attempting to study. For this reason, structured observation is a popular method of conducting an experiment or observing a phenomenon for the explicit purpose of testing a specific hypothesis.Full Answer >
International relations is a valuable field of study because it involves a variety of disciplines, including foreign language, social sciences, law, history, economics and politics. International relations students value the relationship between different cultures and believe the actions of a group of people can impact the world as a whole.Full Answer >
International finance, also known as international macroeconomics, refers to a branch of financial economics that deals with monetary systems and economics that surpass national borders. This field focuses on global capital markets through monitoring and examining trade practices across borders, global investment flows and movements in foreign exchange rates.Full Answer >
According to textbook publisher Pearson Prentice Hall, the definition of descriptive economics is the branch of economics tasked with gathering data about the economy. Economists present this data as positive facts, which are facts based on sound scientific principles.Full Answer >