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Traditional society has often been contrasted with modern industrial society, with figures like Durkheim and Pierre Bourdieu stressing such polarities as community vs. society or mechanical vs. organic solidarity; [3] while Claude Lévi-Strauss saw traditional societies as 'cold' societies in that they refused to allow the historical process to define their social sense of legitimacy.
Economic sociology is an attempt by sociologists to redefine in sociological terms questions traditionally addressed by economists. It is thus also an answer to attempts by economists (such as Gary Becker ) to bring economic approaches – in particular utility maximisation and game theory – to the analysis of social situations that are not ...
Karl Paul Polanyi (/ p oʊ ˈ l æ n j i /; Hungarian: Polányi Károly [ˈpolaːɲi ˈkaːroj]; 25 October 1886 – 23 April 1964) [1] was an Austro-Hungarian economic anthropologist, economic sociologist, and politician, [2] best known for his book The Great Transformation, which questions the conceptual validity of self-regulating markets.
Cultural economics is the branch of economics that studies the relation of culture to economic outcomes. Here, 'culture' is defined by shared beliefs and preferences of respective groups. Programmatic issues include whether and how much culture matters as to economic outcomes and what its relation is to institutions. [ 1 ]
Behavioral economics is the study of the psychological (e.g. cognitive, behavioral, affective, social) factors involved in the decisions of individuals or institutions, and how these decisions deviate from those implied by traditional economic theory. [1] [2] Behavioral economics is primarily concerned with the bounds of rationality of economic ...
Modernization theory of development had led economists in the 1950s and 1960s to expect that traditional forms of work and production would disappear in developing countries. Anthropologists found, however, that the sector had not only persisted, but expanded in new and unexpected ways.
Current-day economists working in this tradition are located in many countries, but their work is still referred to as Austrian economics. Among the theoretical contributions of the early years of the Austrian school are the subjective theory of value , marginalism in price theory and the formulation of the economic calculation problem .
Thorstein Veblen laid the foundation for the perspective of institutional economics with his criticism of traditional static economic theory. [40] As much as Veblen was an economist, he was also a sociologist who rejected his contemporaries who looked at the economy as an autonomous, stable, and static entity.