Social Economic Analysis
Social economic analysis is an interdisciplinary form of research that draws from the social sciences of economics and sociology. It applies the tools of economic analysis to the study of various social phenomena and institutions, including families, schools, workplaces, cultures and subcultures.
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Significance
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Social economic analysis assesses economic phenomena, such as employment and wages, within a sociological context. For example, an analyst could examine how employment and wages affect the division of household labor within families.
Function
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Social economic analysis often assesses the effects of government social policies. These include government actions in such policy areas as welfare, health care and education. An example would be the impact of programs that strive to reduce teen pregnancy or improve educational achievement among low-income children.
Types
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Social economic analysis combines economic research techniques, such as complex statistical models, and sociological research tools, such as surveys, interviews and field observations.
Theories/Speculation
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Key concepts in social economic analysis include the development of human and social capital. Human capital is an economic term that refers to skills and abilities that enable a person to generate economic value. Social capital in sociology refers to relationships and resources derived from being part of a particular group or social class.
Considerations
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Social economic analysis, as the term implies, is an interdisciplinary approach to studying social and economic phenomena. Therefore, effective analysis requires excellent statistical and quantitative skills, as well as a strong understanding of principles and theories in both economics and sociology.
Expert Insight
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University of Chicago professor Gary Becker, a Nobel Laureate in economics, was one of the first economists to study subjects previously considered to be the realm of sociology, such as crime, discrimination and family dynamics.
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