Economics and Politics
Both economics and politics are social sciences and there is
a close connection between them. Politics is the science of the State or
political society. It studies about man in his relation to the State.
The production and distribution of wealth are influenced to
a very great extent by the government. We have economic planning in our
country. And the main aim of planning is to increase the national income by
increasing production and by a proper distribution of income.
The Planning Commission, which is an agency of the
government, plays a vital role in it. Some of the important questions like
nationalization, privatization and prohibition are all economic as well as
political questions. Elections are fought often in many countries on economic
issues. Unemployment, labour disputes are all economic issues. But government
has to tackle them. The relationship between economics and politics is so great
that the early economists described economics as political economy.
Sometimes, political ideas and institutions are influenced
by economic conditions. For example, socialism was born of economic
inequalities and exploitation in England during the industrial revolution. Karl
Marx is considered as the Father of (scientific) socialism.
Economics and History
Economics and history are closely related. History is a
record of the past events. In history, we survey economic, political and social
conditions of the people in the past. To a student of history, love affairs,
marriages and even murders of kings are important subjects of study. For
example, the murder of Julius Caesar is important for a student of Roman
history. In our country, the religious policy of Mughal emperors is important
for a student of history. But we are interested in history only to the extent
that it will help us in understanding economic problems of the past.
As students of economics, we are interested in things like
taxation and other sources of revenue and standard of living in the past.
In economics, we make use of historical data to formulate
economic laws. We make use of history in economics to study the material
conditions of people in the past. There is a separate branch of economics known
as 'Economic History'.
We may say economics is the fruit of history and history in
the root of economics:
'Economics without history has no root; History without
economics has no fruit'.