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In economics and economic sociology, embeddedness refers to the degree to which economic activity is constrained by non-economic institutions. The term was created by economic historian Karl Polanyi as part of his substantivist approach. Polanyi argued that in non-market societies there are no pure economic institutions to which formal economic ...
Economists commonly use the term recession to mean either a period of two successive calendar quarters each having negative growth [clarification needed] of real gross domestic product [1] [2] [3] —that is, of the total amount of goods and services produced within a country—or that provided by the National Bureau of Economic Research (NBER): "...a significant decline in economic activity ...
Uzzi is known for his work on social embeddedness, the science of science, and inequality. In the 1990s, he published two empirical papers focusing on the concept of embeddedness. His 1996 paper [4] in the American Sociological Review examines how socially embedded networks of economic relationships impact the economic performance of organizations.
Economic inequality is an umbrella term for a) income inequality or distribution of income (how the total sum of money paid to people is distributed among them), b) wealth inequality or distribution of wealth (how the total sum of wealth owned by people is distributed among the owners), and c) consumption inequality (how the total sum of money spent by people is distributed among the spenders).
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This is because, in modern societies, paid work is not only the principal source of income with which to buy services but is also the fount of individuals' identity and feeling of self-worth. Most people's social networks and a sense of embeddedness in society also revolve around their work.
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