Is socio-economic relative with economics? then how different socio-economic and economics?

Question

i just would like to know more detail about socio-economic and economics? is socio-economic relative with economics? if relative, how can you say they are relative?

Answer 1

Economics is the social science that studies the production, distribution, and consumption of goods and services. Socioeconomics or socio-economics is the study of the relationship between economic activity and social life. The field is often considered multidisciplinary, using theories and methods from sociology, economics, history, psychology, and many others. It has emerged as a separate field of study in the late twentieth century. In many cases, however, socioeconomists focus on the social impact of some sort of economic change. Such changes might include a closing factory, market manipulation, the signing of international trade treaties, new natural gas regulation, etc. Such social effects can be wide-ranging in size, anywhere from local effects on a small community to changes to an entire society.

Examples of causes of socioeconomic impacts include new technologies such as cars or mobile phones, changes in laws (such as the legal right to abortion), changes in the physical environment (such as increasing crowding within cities), and ecological changes (such as prolonged drought or declining fish stocks). These may affect patterns of consumption, the distribution of incomes and wealth, the way in which people behave (both in terms of purchase decisions and the way in which they choose to spend their time), and the overall quality of life. These can further have indirect effects on social attitudes and norms.

The goal of socioeconomic study is generally to bring about socioeconomic development, usually in terms of improvements in metrics such as GDP, life expectancy, literacy, levels of employment, etc.

Although harder to measure, changes in less-tangible factors are also considered, such as personal dignity, freedom of association, personal safety and freedom from fear of physical harm, and the extent of participation in civil society.

Economic sociology is the sociological analysis of economic phenomena. As the earliest economists recognised, economic institutions are of profound importance to society as a whole and the social context affects the nature of local economic institutions. Karl Marx argued that economic forces were absolutely central to society and deeply influenced its social structures. The founding figures of sociology, such as Max Weber, similarly regarded economic processes as fundamental to the structure of society. Georg Simmel, particularly in his book Philosophy of Money, was important in the early development of economic sociology, as was Emile Durkheim through Division of Labor. Other important early contributions to economic sociology were made by people who are more usually thought of as economists, e.g. Thorstein Veblen and Joseph Schumpeter.

Karl Polanyi, in his book The Great Transformation, was the first theorist to come up with the idea of the "embeddedness", meaning that the economy is embedded in social institutions which is vital so that the market does not destroy other aspects of human life.

Later Marxist and other left-wing economic thought has focused on the social implications of consumerism and economic development within the system of economic relations that produce them.

Current economic sociology focuses particularly on the social consequences of economic exchanges, the social meanings they involve and the social interactions they facilitate or obstruct. Influential figures in modern economic sociology include Mark Granovetter, Harrison White, Paul DiMaggio, Joel M. Podolny, Richard Swedberg or Viviana Zelizer in the United States and Luc Boltanski, Laurent Thévenot, or Jens Beckert in Europe. To this may be added Amitai Etzioni, who has popularised the idea of socioeconomics, and Chuck Sabel and Wolfgang Streeck, who work in the tradition of political economy/sociology.

The focus on mathematical analysis and utility maximisation during the 20th century has led some to see economics as a discipline moving away from its roots in the social sciences. Many critiques of economics or economic policy begin from the accusation that abstract modelling is missing some key social phenomenon that needs to be addressed. In reply, many mainstream economists point out that such cultural and social arguments often seem to favour the interests of local monopolists and the already powerful.

Economic sociology is an attempt by sociologists to redefine in sociological terms questions traditionally addressed by economists. It is also an answer to attempts by economists (such as Gary Becker) to bring economic approaches - in particular utility maximisation and game theory - to the analysis of social situations that are not obviously related to production or trade.

Answer 2

Socio-economics revolves around, in part, the social impact and engine that drives economies.

"Market psychology" would be a better label for it.

All economics are based in large measure upon supply and demand.

Demand is based upon human beings desiring certain goods or services more than other goods and services, even if like-kind.

Thus, demand under economic theory, dictates both price and supply.

If supplies are low and demand is high, then prices will be high.

However, if people "feel" that they need to hold onto their money, though there is a demand for goods or services, they may not buy those goods or services if they think they will need their cash for something else.

The "socio" part fits in because, for instance, when gas prices are high, even if people do have surplus disposable earnings, they may feel constrained when dealing with their desires for let's say a G3 Apple iPhone and temper their demand in favor of more conservative action. Like saving their money.

This, in turn, forces the manufacturer to drop its asking price or MSRP (Manufacturer's Suggested Retail Price) to induce demand and persuade consumers to spend the money against their better instincts.

This is also the stuff that ad-men on MADison avenue might think about. One way to create demand is to persuade consumers that they "need" a product rather than just want it.

Market psychology is prominent in today's headlines in the form of energy costs. Speculators bid on oil based upon world events. For instances Iran launches missiles in the Straits of Hormuz, and so speculators are betting that oil shipments may be halted as a result. That would mean that supply might not be able to meet demand. Hence they bid high.

However, if the oil producing Arab world decides to invade Iran and take away its missiles, then oil prices might drop.

The same thing with refining capacity. If the speculators believe a hurricane will interfere with the refineries ability to distill crude oil into gas and diesel and other elements, then they will bid high on long term contracts.

Market psychology, that is what the speculators believe, drives the price up.