Economic woes

The area o fsocial science that I have focus the majority of my studies on have been anthropology, histroy and psychology.  I know enough about sociology to get in trouble.  But political science and economics are both alien to me in how they are different from other social sciences, especially economics; when I think about economics I wonder how it is a social science, all I think about are accountents with adding machines.  Anyhow, I say this because I can not really discuss economics as a social science, I will only fall back on the other scocial sciences that I know, so let that be a warning to everyone reading this.

There is an article that I would like to point out to everybodies attention, concerning the concepts of a debt heavy capitalistic society.  The current stimulus stategy is focused on bolstering the banks, which will create a trickle down effect boosting the economy of the country and of people.  However according to Jim Rogers this will not work and the banks should be allowed to go bankrupt.  The entire idea that we can recover from a credit debt like the one we are in, by creating debt in other places, is an idea that will not work.  We are trying to have a fast safe fix, and that will not work.

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2 Responses

  1. @ Malgoodrich: I guess I could understand the confusion when it comes to economics, and maybe it is because of its mathematical approach at times. However, economics is very much a social science. It measures the scarcity of goods, and the difficulties we face when we must take a decision of resource allocation.
    Political Science, is even more of a social science, since it analyzes human behaviors and people’s interactions in relationship with their goals and interests.

  2. Malgoodrich: I think you hit the actual crux of what economics is about with your thread. You outline what you believe is supposed to happen with a certain policy intervention and then said “no, that’s not going to work.”

    From what I understand of economics as most people see it (involving math and theories) versus what makes it a true social science (the argument and debate between orthodoxy and heterodoxies, the analysis of WHERE current economic thought comes from and the historical context in which it was created, the idea that gender and class are imagined “out” of many economic theories) your argument about what is SUPPOSED to happen and what you think will ACTUALLY happen is a perfect example of a more thorough definition of economics that includes the ongoing debate among economists.

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