Thursday, February 10, 2011


For a while I have been working on a paper to find the relationship between Economics and Politics. I should say this topic is not any extraordinary topic in any of the fields aforementioned. It is however satisfying to write about it. Many definitions I have looked up on both fields strike a relationship between them, in that, they are both regarded as a science.

The word science in the definition of economics and politics (in a broader sense political science), draws the line for this argument. Science deals with arriving at objective conclusions, in as much as possible, by analyzing empirical data. If this is so, then I want to draw the attention to those who practice politics--which is basically the study of governance and all that pertains to it-- about the key word, "objectivity".

It is very important for both practitioners of politics and economist to uphold the principle of objectivity. Politics, especially as practiced in third world countries or developing countries is mostly characterized by pure subjective egocentric behaviour. The time has come for all (practitioners of economics and politics) to work hand-in-hand in making the dreams of the various economies being managed actualize.

The blame game should stop, policy makers and implementing institutions should strike a perfect balance and work together to create a state of utopia for all citizens.

Politics, although different--with regards to the area it deals with-- from economics, is actually one and same. For those who govern states are often well versed in matters of economics; if so, then they are duty bound to manage the affairs of the state excellently; although such is not the case most of the times.

Milton Friedman once made a statement which implied that the dynamic demands of politics overrides the objective conclusions of economics. I believe in this time and age, we owe it society to find a common ground where politics and economics are not viewed as contradictory forces.

To conclude, I will like to say that the general goal of economics, which is, to ensure that there is a zero balance for all transactions in the state for the general welfare of the citizens is the ultimate goal of politics also.