Social Economics


DEFINITION of 'Social Economics'

A branch of economics that focuses on the relationship between social behavior and economics. Social economics examines how social norms, ethics and other social philosophies that influence consumer behavior shape an economy, and uses history, politics and other social sciences to examine potential results from changes to society or the economy.

BREAKING DOWN 'Social Economics'

Social economic theories do not move in lockstep with those of orthodox schools of economics, which often make the assumption that actors are self-interested and can rationally make decisions. It often takes into account subject matter outside of what mainstream economics focuses on, including the effect of the environment and ecology on consumption and wealth.

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