Anthropology (specially economic anthropology) and economy are intimate in their relations. While econymy deals with the 'rational allocation of scare means(resources) to alternative ends(users)', anthropolgy tries to understand the soclial implications of these economic variables. Economics studies the 'economic man' while anthropology studies man in whole and so, while economy is based on the concept of profit as the motive, anthropology rejects profit as the sole motive. It is visible in the concepts of formal and substantive meanings of economy and the Kula ring described in 'the argonoughts of western pacific- by Polyani' can be sighted as an example.
Economy today has developed an advanced mathematical model to understand the modern, monetary economy while anthropology has expanded to cover social impacts of such systems (viz. impact on women involved in modern economic organisations).
Scope-
Anthropology is a whole science as it deals with biology, culture and society of entire humanity. It is universal and covers all of humanity through space and time.
Economics covers the economic process (apart from its social ramifications) of the modern industrial, monitory economy.
Subject matter-
Anthropology deals with methods of subsistance and ecomonic models in relevance to other social factors.
Focuses on integration of economy and society by inter-personal relations established by receprocity, exchange and redistribution.
Considers methods of production to be simple but methods of distribution to be complex.
Economics studies history of modern society's economics.
Focus on study of consumpltion pattarns and rational decision making to maximise profits.
Considers methods of production to be complicated and that of distribution to be simple.
Methodology-
Anthropology deals with specific case studies and its methods are inductive. Therefore it uses substantive approach to economic activity of a society.
It tries to discover different motives for economic activity in different societies.
Dependence on field work for comparative analysis, based on which it derives understanding of human society.
Economics deals with economy in general and hence its methods are deductive. As a result it uses formal approach to economic activity in a society.
It considers that the motive for economy is one: maximisation fo profit, which is also universal. Thus its application is limited to modern industrial societies only.
Rarely depends on field work and largely derives its observations from statistical data.
Economy today has developed an advanced mathematical model to understand the modern, monetary economy while anthropology has expanded to cover social impacts of such systems (viz. impact on women involved in modern economic organisations).
Scope-
Anthropology is a whole science as it deals with biology, culture and society of entire humanity. It is universal and covers all of humanity through space and time.
Economics covers the economic process (apart from its social ramifications) of the modern industrial, monitory economy.
Subject matter-
Anthropology deals with methods of subsistance and ecomonic models in relevance to other social factors.
Focuses on integration of economy and society by inter-personal relations established by receprocity, exchange and redistribution.
Considers methods of production to be simple but methods of distribution to be complex.
Economics studies history of modern society's economics.
Focus on study of consumpltion pattarns and rational decision making to maximise profits.
Considers methods of production to be complicated and that of distribution to be simple.
Methodology-
Anthropology deals with specific case studies and its methods are inductive. Therefore it uses substantive approach to economic activity of a society.
It tries to discover different motives for economic activity in different societies.
Dependence on field work for comparative analysis, based on which it derives understanding of human society.
Economics deals with economy in general and hence its methods are deductive. As a result it uses formal approach to economic activity in a society.
It considers that the motive for economy is one: maximisation fo profit, which is also universal. Thus its application is limited to modern industrial societies only.
Rarely depends on field work and largely derives its observations from statistical data.
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