A short introduction to social institutions and a detailed account of the social institution of Economics, its functions and relation with other social institutions.

1. SOCIAL
INSTITUTIONS
&
INSTITUTION
OF ECONOMY
A Project by
Mubreen Wafa, Noreen Bibi
Navera Bakht, Iqra Ashfaq
Laiba Hameed

2. Social
Institutions
A social institution is a complex, integrated set of social norms
organized around the preservation of a basic societal value.
According to H. E. Barnes:
Social institutions are the social structure and machinery through
which human society organizes, directs, and executes the
multifarious activities required to satisfy human needs.

3. Cont…
According to C. A. Ellwood:
Institutions are ways of living together, which have been sanctioned,
systematized, and established by the authority of communities.
According to Pascual Gisbert:
Certain enduring and accepted forms of procedure of governing the
relations between individuals and groups are called institutions.

4. 5 Social
Institutions
FAMILY EDUCATION
ECONOMY POLITICS
RELIGION

5. Elements of Social
Institutions
United by
common
interests.
Having
Material
Resources
Fulfilling
some
social
need.
Having
Norms.

6. Characteristics of
Social Institutions
Palispis (1996) pointed out the following characteristics:
• Social institutions are purposive.
• They are relatively permanent in their content.
• The institutions are structured.
• They are a unified structure.
• Social institutions are value-laden.

7. Economic Institution
Economic institution is the formal and informal rules that organize
the economic flow and activity of a society.
Social institution of economy refers two things:
1) Specific agencies or foundations, both government and private,
devoted to collecting or studying economic data, or commissioned
with the job of supplying a good or service that is important to the
economy of a country.

8. Economic Institution
2) Well-established arrangements and structures that are part of the
culture or society, e.g., competitive markets, the banking system,
kids’ allowances, customary tipping, and a system of property rights
are examples of economic institutions.

9. 2-Economic training.
5-Division & customization of labor.
1-Fulfilment of economic needs.
3-Provision of jobs.
6-Provision of funds
to other institutions.
7- Determination of
commodity prices.
4-Social classification.
8-Distribution of
inherited
property and business.
Functions
of
Economic
social
institution
9-Development of individual
qualities.

10. Economic Institution
and its relation with
other social
institutions

11. Economic Institution and
Institution of Family
• Both institutions work simultaneously for the society.
• Family is an essential economic unit.
• Individuals from stable family units are better enabled to contribute to
the economic development of society.
• Family transfers the culture from older generation to the younger one,
passing on the importance of hard work, discipline, and solidarity.

12. • Family provides members to produce and distribute goods and
services.
• Economic institutions provide basic needs to their citizens (families).
• They provide protection and a sense of security to the families.
Cont…

13. Economic Institution and
Institution of Politics
• Economic growth and political stability are deeply interconnected.
• Political institutions are the organizations that create, enforce, and
apply laws.
• They mediate conflict, make (governmental) policy on the economy
and social systems.
• These frameworks aid in linear economic growth.

14. Cont…
• If in case the laws are not obeyed, the economic institutions hand over
such citizens to the political institutions for further decision.
• Economy provides economical needs to political institutions.

15. Economic Institution and
Institution of Education
• The economic system and its development is essentially connected
with the educational system.
Economy of a country dependent on two factors:
Natural factors Human capital

16. Cont…
• Education as a Human Capital – Human capital represents the assets
each individual develops to enhance economic productivity.
• Economic Benefits of Education:
Range of Job Opportunities
Job Security
Taxes paid to state
Life Expectancy
Averages Earnings

17. Economic Institution and
Institution of Religion
Michel Mayer
The set of beliefs and precepts which must guide us in our conduct toward
God, other people and toward ourselves.
• Religion has a role to enhance economy by shaping individual values
and attitudes particularly in terms honesty, work ethic and trust.
• Overall, religiosity tends to decline with economic development.

18. Cont…
• Sociologists like Sombart and Max Weber rightly established the
relationship of religion with economic system.
• Weber observed the influence of Protestant ethics in the development
of capitalism.
• Sombart found this spirit of capitalism in Jewish norms.

19. Conclusion
Social institutions.
5 Major social institutions.
Institution of Economy.
Relation of Instituiton of Economy with other social institutions.

20. THANK YOU!
ANY Qs?
A Project by
Mubreen Wafa, Noreen Bibi
Navera Bakht, Iqra Ashfaq
Laiba Hameed