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Political systems and economics - Essay Example
Author : quinton69
Pages 3 (753 words)
Although one hardly exists without the other, political systems and economics are distinct sciences from the other as both bank on, and require different modalities of scope, thinking, treatment and purpose. Setting them as separate studies highlights their essence, and makes it easier to answer queries on the dynamics of the society in terms of each discipline per se.
The society is viewed as a mesh of different people vying for different interests, that the art of reasoning, ruling and governance among the others, is essential to unify the society to act to a common vote, to pursue a certain interest. It explains how the governing political body and its directives affect the collective behavior of the players in the society
Economics' parameters are set on scarcity, the use of incentives, the application of efficient economic tools and models, all to satisfy and suffice human's current and future wants and needs. Economics lies on maximizing and making sound decisions to make efficient use of existing scarce resources. Nothing in life is free, as explained by the concept of opportunity cost. Opportunity cost is the value foregone in pursuit of another activity or good of interest. Everything individuals do has a tradeoff. An individual's Economic decisions are motivated by incentives, a mechanism which motivates decisions and activities.
Economics is different from political systems in the sense that, economics could go on forever without laying a hand on it to make it work; and in its continuity, it is only susceptible to its own natural dynamics. Politics now depends on the intervention and control of men. ...