Socio-Economics - An Overview
6 Pages Posted: 28 Feb 2006
Date Written: July 4, 2007
Socio-Economics is a multi-disciplinary, holistic approach to economics that has gained growing acceptance in legal education and that is helpful in advocating economics justice. Socio-economics approaches economic understanding much as Adam Smith did (before there were separate disciplines) with a foundation based on natural and moral philosophy. Nevertheless, it explicitly acknowledges the powerful and pervasive influence of the neoclassical paradigm on contemporary thought. Recognizing that people first adopt paradigms of thought and then perform their inductive, deductive, and empirical analyses, socio-economists seek to examine the assumptions of the neoclassical paradigm, develop a rigorous understanding of its limitations, improve upon its application, and develop alternative, perhaps complementary, approaches that are predictive, exemplary, and morally sound. Grounded in the scientific method, socio-economics draws upon all relevant schools of thought and disciplines that shed light on economic phenomena and policy. It is a helpful foundation for exploring economic issues based on university-wide interdisciplinary collaboration in the public interest.
Keywords: Socio-economics, Adam Smith, Paradigm Consciousness, Value Consciousness, Neoclassical Economics, Multi-disciplinary Approach, Scientific Method, Moral Philosophy, Empirical Evidence, Inductive and Deductive Analysis
JEL Classification: A00, A20, B00, B2, B3, E00, I3, K00, N00, O00, P1
Suggested Citation: Suggested Citation