Answer:
Applied economics and social economics are two different branches of economics that focus on different aspects of society and economic behavior.
Applied economics is the application of economic principles and theories to real-world problems and situations. It involves using economic analysis and empirical methods to study and solve practical economic problems. The focus is on identifying and evaluating policy alternatives and making informed decisions. Examples of areas of applied economics include public finance, international trade, and labor economics.
Social economics, on the other hand, is a branch of economics that studies the relationship between economic activity and social life. It focuses on the social dimensions of economic behavior, such as the impact of economic policies on social outcomes and the social determinants of economic behavior. Social economics is concerned with issues such as poverty, inequality, and social justice.
While both applied economics and social economics are concerned with the relationship between economics and society, they differ in their approaches and perspectives. Applied economics tends to be more quantitative and analytical, while social economics takes a more qualitative and interdisciplinary approach. Additionally, while applied economics focuses on identifying and solving specific economic problems, social economics is concerned with broader social issues and the impact of economic behavior on society as a whole.
In conclusion, both applied economics and social economics are important branches of economics that play a critical role in understanding the relationship between economics and society. While they have different approaches and perspectives, they are complementary in their focus on economic behavior and its impact on social outcomes.
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