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Social science

Economics is a social science which is the study of society and relationships between people. We study many different aspects of human behaviour within and between markets, organisations and countries.

Economics is both a social science and a branch of applied mathematics. On the social science side, economics:

  • Uses methods and tools from sociology and psychology to study the behavior of individuals, firms, and governments.
  • Considers how economic decisions are shaped by factors like culture, history, and institutions.
  • Analyzes how economic policies affect people's lives, their well-being, and the distribution of wealth and income in a society.
  • Investigates issues like inequality, poverty, economic growth, and sustainability.

On the applied mathematics side, economics:

  • Uses mathematical models and statistics to analyze economic data, test theories, and make predictions.
  • Develops mathematical tools to study market behavior, like supply and demand, and the relationship between different economic variables.
  • Uses mathematical models to analyze economic policies, like taxes or regulations, and their impact on the economy.

Overall, economics can be considered a social science with a strong mathematical foundation.

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