Essay about Impact Of Social Factors On The Economy

Essay about Impact Of Social Factors On The Economy

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Impact of Social Factors on the Economy
Economic growth and development in a country is basically described as the qualitative measure of advancement in an economy. The progress is normally evaluated on the basis of technological improvements, change from an agrarian to modern economy, and improved living conditions for the population across the entire socio-economic stratifications. In addition, economic development and growth is measured on the premise of the ability of progress to contribute to improved productivity and comfort. Therefore, an economy is usually influenced by several factors associated with the population’s living conditions, industrialization, and technological advancements. One of the major factors affecting a country’s economic growth is social and cultural forces within the economic community.
Social factors have continued to have significant impacts on the economy because of the role they play in shaping the population’s attitude towards the achievement of progress. For instance, while societies that value individual gain and achievement experience significant economic development, those that discourage such measures achieve little to no progress (Williams, n.d.). The impact of social factors on the economy is demonstrated through socio-economic theory of regulatory compliance. This theory highlights the significance of regulation of economic activities despite of the global trends that focus on lessening centralization and governmental intervention in the marketplace.
According to Sutinen & Kuperan (1999), the major factors determining compliance based on this theory include probable illegitimate gain, social environmental influences, personal moral development and individual morality standards, ...

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...e country to make any significant progress has usually been hindered by tribalism to an extent that no considerable accomplishments have been realized. Tribalism affects the economy by obstructing the nation’s ability to get the right or qualified people for the right job, diverting national resources and focus, and strengthening tribes at the expense of the country.
In conclusion, social factors that affect the economy are mainly attributed to social learning theory and cognitive theory or morality and environmental conditioning effects respectively. Socio-economic theory demonstrates that Kenya’s economy is affected by factors that exceed the economic dimension and incorporates issues that are directly linked to social and human values. Therefore, significant economic growth can be achieved through a multi-faceted approach that address the cross cutting issues.

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