Difference between political science and economics in tabular form

We explain that what is the difference between political science and economics with a table. Political science and economics are important subjects taught in universities. In short, Political Science is the study of the political environment that includes the study of political parties, political philosophy, political behavior, etc. On the other hand, the Economy is the study related to the production, consumption, and trade of activities.

The difference between political science and economics Political Science is more related to the study of the politics of any region and Economics is more related to the study of commercial activities in a particular region.

Comparison table between political science and economics

Comparison parameter Political science Economics

What is political science?

Political science is the study of the politics of any locality, town, state, nation, or world. It implies the study of the political situation of the country and its understanding; the student must follow the history, geography, legal structure, citizenship, and demographic composition of the country.

It helps to understand how the politics of the nation has influenced the lives of ordinary people in that country. A person who studies Political Science can become a good political analyst. They can play an important role in nation-building activity. It is usually taught in colleges at the graduate level.

What is the economy?

Economics is the study of how a particular country produces and distributes available resources. It is the study of economic activity that is carried out at the micro and macro level. Both microeconomics and macroeconomics are interdependent.

All commercial activities carried out at the micro-level determine the general economic policies that are framed at the macro level. Over the years, many leading economists have studied the supply and demand equation for goods and services and established their theories accordingly. These theories are valid even today. So economics students are supposed to learn them. It is also the study of economic indicators such as GDP, GNP, CPI, etc.

Main differences between political science and economics

• Nature of the subject – Political science is mainly the study of political events, politics, and personalities that were in the past and in the current scenario. Economics is based on laws of supply and demand that are universal in nature.
• Universal Laws – There are no universal laws that are applicable to the subject of political science. There are some universal laws in economics.
• Relationship – Political science is more related to the study of politics. The economy is more associated with the study of money and transactions.
• Importance – When it comes to managing a country, there is a finance ministry that deals with the economic situation of the country. They analyze the commercial activities of the country and consequently frame the economic policies. As such, there is no such political science ministry, but political party leaders are often well aware of the political situation in the country.
• Experts in the field – To study economics, you need the help of an economics expert who can teach you the supply and demand 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 must thoroughly understand economic laws that are universal by nature.
• Career opportunities – In terms of career, a graduate in Economics has good career prospects compared to a graduate in Political Science. You can get jobs in government institutions, banks, and financial services companies. But political science does not have good career prospects in the private sector.
• Interrelation in politics – For political parties, formulating good economic policies is very important to stay in power. The political scene and government policies of the country have a profound impact on the buying and selling behavior of individuals in the country.
• Role and power – Political leaders can intervene in the economy, but economists cannot intervene in the country’s politics. Therefore, politicians who are an integral part of political science studies have a greater role to play in the state of affairs of the country, but not economists.
• Concept – The economy is a more modern concept. Economics, as a subject, was recognized a few centuries ago. Adam Smith, who is the father of economics, was born in the 18th century. Political science is a very old concept compared to economics. The father of political science is Aristotle, who was born in 384 BC. C.
• Educated in – Political science is taught primarily at the graduate level. Economics is taught in schools and also at the undergraduate level.

Conclusion

Political science and economics are two different but interrelated subjects. A common factor between both subjects is the study of the behavior of the common man. 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 to determine the present and future well-being of the country. Good governance and sound economic growth policies can help the country develop very quickly in a short period of time. To achieve developed country status, state leaders must study both the political environment and the financial situation of the country.