Choosing the Right Minor for a Career in Behavioral Economics: Sociology or Psychology?

Deciding whether to minor in sociology or psychology can help you in pursuing a career in behavioral economics. Steve Shu, a behavioral science expert, suggests that contemporary sociology is more heavily oriented towards qualitative research methods. However, both disciplines share a qualitative essence, as they both deal with individual perceptions and actions. In this article, we delve deeper into the considerations to help you make a well-informed decision.

Qualitative Research in Sociology and Psychology

Both sociology and psychology are qualitative in essence because they require addressing individual perceptions and actions. Quantitative large-scale studies can only go so far in understanding these complex human elements. According to Steve Shu, contemporary psychology is largely superseded by psychoanalysis, leaving many with the impression that it is no longer relevant. The overlap between psychoanalysis and sociology suggests that sociology might be a better fit for students seeking to explore the human behaviors central to behavioral economics.

Qualitative Research Strengths of Sociology

Professors of sociology like to engage with theories that are at the forefront of the field. For instance, feminist and poststructuralist theories are currently leading, and these provide a rich context for understanding social dynamics. If a professor of psychology is still teaching theories such as Jung and Freud, it might be more beneficial to opt for sociology.

Psychology's Alignment with Behavioral Economics

While psychology shares a closer alignment with social, cognitive, and moral psychology, its focus on qualitative research methods may not fully align with the applied nature of behavioral economics. However, a solid understanding of both qualitative and quantitative research methods is essential for anyone in the field. It is crucial topad your knowledge base with statistical literacy, especially if you are interested in experimental flavors of behavioral economics.

Choosing the Best Path

Steve Shu, known for his work in strategy, technology, and behavior science, recommends that students in economics look for professors who are leading in their fields and have strong theoretical strengths. If you are leaning towards psychology, ensure that the professor is not stuck in outdated methodologies. Engaging with contemporary theories and methodologies will provide a more enriching and practical education for future applications in behavioral economics.

Conclusion

In conclusion, while both sociology and psychology can enhance your understanding of human behavior, the choice between the two depends on your specific career goals in behavioral economics. If you are looking for a discipline that offers a more applied and contemporary approach, sociology may be the better choice. On the other hand, if you want a more methodologically robust path, psychology can be valuable. Ensure you check the professors and their methodologies to make the best decision for your career.

References

Inside Nudging: Implementing Behavioral Science Initiatives, Steve Shu The Consulting Apprenticeship: 40 Jump-Start Ideas for You and Your Business, Steve Shu