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Economic the functionalist perspective of economics

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Economic -The functionalist perspective of economics assumes that thecontinued progress of the economy is important to the nation, as it guaranteesthe circulation of goods and services. However, a dysfunction might happenwhen some institutions fail to adapt quickly enough to fluctuating socialconditions. Normally, the marketplace goes segments of a shortage of productsand services that will increase prices that may lead to inflation, wherein youcan buy less with your money.An example of economic aspect of examining society throughStructuralfunctionalism is during the outbreak of COVID-19 Pandemic andthe panic buying of goods and healthcare products happened. The people wereoverwhelmed and bought volumes of medical supply, specifically facemaskand alcohol disinfectant. The spread of coronavirus determined a high demandof these products. The panic buying may be driven by an extremely low supplywhich can rise up the price and led to price inflation. This happened becausesome institutions failed to adapt quickly enough to the changing socialconditions which can have economic implications.Political -According to functionalism, the government has four mainpurposes: (1) planning and directing society; (2) meeting social needs; (3)maintaining law and order; and (4) managing international relations.Functionalism viewed government as a system to impose norms and controlconflict. Functionalists understand active collective change and seekconsensus and order in society. Dysfunction creates social problems that leadto social change. For instance, functionalists would see political regulationsas a way of keeping people connected to the democratic process.AnexampleofpoliticalaspectofexaminingsocietythroughStructuralfunctionalism is when President Rodrigo Roa Duterte signed thePhilippine Anti-Terror Bill into a law, despite of many criticisms about itsimplementing guidelines. The government assumed that they acted upon theirfunction and purpose such as planning and directing society for maintaininglaw and order. The government stands for their beliefs that this law is createdto prevent terrorism as early as possible before the bombing or an incident
might happen. This shows the functionalism view of government and politicsas a way to enforce laws for the safety of the people.MarxismMarxism or conflict theory of Karl Marx (18181883), who considered societyconsist of two classes: (1) the bourgeoisie or the capitalist who owns the production,and (2) the proletariat or the working class. Max Weber (1864-1920) added that asidefrom economic inequalities, there were also inequalities of social structure andpolitical power that caused struggle. The people’s state of inequality was influencedby class stratification, social immobility, and representation of the powerful elite. KarlMarx believed that conflict and struggle between groups happen to attain wealth andpower which was inevitable in a capitalist society. Also, conflict was the only way for

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Sociology, major social science theories

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