Economics As A Social Science

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Australian economist Steve Keen has said that, “economics is too important to leave to the economists”. I believe that this means that we all must learn how the economy works and operates, because no matter what you think, economics will always play a large role in your life, regardless of where you live or how old you are, it will without a doubt impact your everyday life. Economics can change the lifestyle that you live, from food you eat, to how big of a house you have, and even the car that you drive. We all must learn what economics is and how to use it to our advantage, to give ourselves a better life. Economics can be defined as a social science that studies the allocation of scarce resources used to produce goods and services that satisfy consumer wants and needs. It is a social science because economics uses the scientific method, which is a structured way of investigating and explaining, to discover how it plays a role in our society. Economics has a formula, for which resources are divided up and allocated, and the decisions that are made to determine where things are allocated play a significant role. Going along with this, we have a very limited number of resources for consumers that have unlimited wants and needs, (scarcity) so the allocation process and figuring out which decisions are the most successful is extremely important. The market is the central hub where buyers and sellers are able to interact over trade, and economics revolves around the market.
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