Social science is a discipline concerned with the society and the relationships among individuals within a society. It entails economics, political science, human geography, demography and sociology. Social scientists have been known to use natural science as tools in understanding the society in a strictly modern sense. The digital economy is based on digital computing technologies. It has been intertwined with the traditional values that make its clear definition harder to understand. The digital economy showed and explained how the internet would change the way we did business and interacted. Social science combined with the digital economy defines the practical approach to computation and its applications. It studies feasibility, structure, expression and mechanization of algorithms.
How Scocial Science Can Help People in the Digital Economy
1. Greater efficiency; social services helps make an exhaustive survey of resources in the society and utilizes them in the most efficient and proper manner. Through this, production is not left to the market but rather controlled and regulated by the central planning authority.
2. Greater welfare; social science offers an economic system where an individual is paid per their skills and abilities. However, there is absence of private ownership through means of production.
3. Economic growth; social science adopts economic planning. This promotes rapid economic growth and progress.
4. Absence of business fluctuations; a planned economy constitutes to several production units. This prevents discrimination between savings and investments thus making use of the available resources. It controls overproduction of resources and avoids general deflationary trends.
5. Monopolistic practices; social science offers practices that are free from monopolists. This is because socialism productions are owned by the state. Therefore, exploitation from monopolists is absent. State monopoly is operated for the welfare of the people.
Social science offers a lot of advantages that will bring appraisal to the digital market economy.
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