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Economic sociology is the study of the social cause and effect of various economic phenomena. The field can be broadly divided into a classical period and a ...
Social choice theory is a branch of welfare economics that extends the theory of rational choice to collective decision-making. [1] Social choice studies the behavior of different mathematical procedures (social welfare functions) used to combine individual preferences into a coherent whole.
In a 1938 article, Abram Bergson introduced the term social welfare function, with the intention "to state in precise form the value judgments required for the derivation of the conditions of maximum economic welfare." The function was real-valued and differentiable. It was specified to describe the society as a whole.
An economic system, or economic order, [1] is a system of production, resource allocation and distribution of goods and services within a society. It includes the combination of the various institutions , agencies, entities, decision-making processes, and patterns of consumption that comprise the economic structure of a given community.
The four functions of AGIL break into external and internal problems, and further into instrumental and consummatory problems. External problems include the use of natural resources and making decisions to achieve goals, whereas keeping the community integrated and maintaining the common values and practices over succeeding generations are considered internal problems.
Social disruption is a term used in sociology to describe the alteration, dysfunction or breakdown of social life, often in a community setting.Social disruption implies a radical transformation, in which the old certainties of modern society are falling away and something quite new is emerging. [1]
"A sphere of life calls forth interests arising only within that sphere. Out of the economic sphere one can develop only economic interests. If one is called out of this sphere to produce legal judgements as well, then these will merely be economic interests in disguise.". [1] Social threefolding aims to foster: equality and democracy in ...
Transformation problem: The transformation problem is the problem specific to Marxist economics, and not to economics in general, of finding a general rule by which to transform the values of commodities based on socially necessary labour time into the competitive prices of the marketplace. The essential difficulty is how to reconcile profit in ...