Political Science and Economics are important subjects which are taught in colleges. In simple words, Political Science is the study of the political environment which includes the study of political parties, political philosophy, Political behaviour etc. On the other hand, Economics is the study related to the production, consumption and trading of activities.
Political Science vs Economics
The main difference between Political Science and Economics is that Political Science is more related to the study of politics of any region and Economics is more related to study of commercial activities in a particular region.
Comparison Table Between Political Science and Economics (in Tabular Form)
|Parameter of Comparison||Political Science||Economics|
|Stream||It is related to arts||It is related to commerce|
|Fundamental difference||Political Science is the study of politics of the country or the world||Economics is more associated with material resources, market conditions, demand and supply functions|
|Concept||Political Science is a big concept which comprises of Economics, History, Geography of a region||Economics is a small concept as compared to Political Science.|
|Interdependency||Political Science is related to politics which frames the economic structure of the country||Economics is an integral part which helps the political parties in good governance|
|People||Political Science also involves the work done by politicians||Economics is related to study and research done by economists|
|Understanding the subject||It is more theoretical and requires little understanding of Maths.||It is little bit theoretical, and it requires an understanding of Maths|
What is Political Science?
Political Science is the study of politics of any locality, town, state, nation or the world. It involves the study of the political situation of the country and to understand it; the student must follow the History, Geography, Legal structure, Civics and demographic composition of the country.
It helps in understanding how the politics of the nation has influenced the lives of ordinary people in that country. Person studying Political Science can become a good political analyst. They can play an important role in the nation-building activity. It is usually taught in colleges at postgraduate level.
What is Economics?
Economics is the study of how a particular country produces and distributes the resources which are available. It is the study of economic activity which is done at a micro and macro level. Microeconomics and Macroeconomics are both interdependent.
All the commercial activities done at micro level determines the overall economic policies which are framed at the Macro level. Over the years, many prominent Economists have studied the demand and supply equation of goods and services and accordingly laid down their theories. These theories hold true even today. So the students of Economics are supposed to learn them. It is also the study of economic indicators like GDP, GNP, CPI etc.
Main Differences Between Political Science and Economics
- Nature of the subject – Political science is mostly the study of political events, policies and personalities which were in the past and in the current scenario. Economics is based on laws of demand and supply which are universal in nature.
- Universal laws – There are no universal laws which are applicable in the political science subject. There are some universal laws in economics.
- Relation – Political Science is more related to the study of politics. Economics is more associated with the study of money and transactions.
- Importance – When it comes to running a country, there is a finance ministry which looks after the economic situation of the country. They analyse the commercial activities of the country and accordingly frame the economic policies. There is as such no such ministry for political science, but the leaders of the political parties are often well versed with the political situation of the country.
- Experts in the field – To study Economics, you need the help of Economics expert who can teach you the demand and supply functions. To study Political Science, you need a political Science expert to teach you.
- Nature of study – To understand political science, you need to know current affairs, History, demographics, Government policies, Law and order etc. To understand Economics, you need to thoroughly understand the economic laws which are universal in nature.
- Career Opportunities – In terms of career an Economics graduate has good career prospects as compared to a graduate in Political Science. He can get job in government institutions, banks and financial services companies. But a political science do not have good career prospects in private sector.
- Interrelation in politics – For political parties, framing good economic policies is very important in order to stay in power. The political scenario and governmental policies of the country have a profound impact on the buying and selling behaviour of the individuals in the country.
- Role and power – Political leaders can intervene in economics, but economists cannot intervene in the politics of the country. Thus politicians who are an integral part of the political science studies have a more significant role to play in the state of affairs of the land but not the economists.
- Concept – Economics is more of a modern concept. Economics, as a subject, was recognized a few centuries back. Adam Smith, who is the father of Economics, was born in the 18th century. Political Science is a very old concept as compared to Economics. The father of political Science is Aristotle, who was born in 384 BCE.
- Taught in – Political science is mostly taught at the post-graduation level. Economics is taught in schools and at graduation level as well.
Political Science and Economics are two different but interrelated subjects. A common factor between both the topics is the study of common man’s behaviour. He is the person who votes and runs the economy. Another common factor is the role of political leaders who are in power.
They influence the political and financial situation of the country. In fact, both Politics and economics go hand in hand in determining the present and future well-being of the country. Good governance and sound economic growth policies can help the country to develop very fast in a short span of time. To achieve the status of being a developed country, the leaders of the state must study both the political environment and financial situation of the country.