Title: Economic sociology – old and new

Authors: Adel Daoud; Bengt Larsson

Addresses: Department of Sociology, University of Gothenburg, P.O. Box 720, 405 30 Göteborg, Sweden. ' Department of Sociology, University of Gothenburg, P.O. Box 720, 405 30 Göteborg, Sweden

Abstract: In this article, we discuss |classical| sociology and |new| economic sociology to show the interest of sociologists in economic issues and to examine the relationship between economics and sociology from a sociological perspective. We maintain that, besides empirical studies, sociologists have contributed to the analysis of economic systems, organisations, and action through the development of theoretical approaches to answer two basic questions: Why are the neoclassical assumptions about action problematic? And how are rational economic actions and systems produced? Sociologists have worked on three frontiers to answer these questions. First, by developing a more nuanced action theory. Second, by elaborating the concept of embeddedness to capture how economic action is influenced by cognitive, cultural, structural, and political contexts. Third, by understanding the historical differentiation and rationalisation of institutions and action contexts that produces instrumental rationality.

Keywords: classical sociology; new economic sociology; action theory; embeddedness; sociologists; economic issues; sociological perspectives; economic systems; theoretical approaches; neoclassical assumptions; rational actions; cognitive contexts; cultural contexts; structural contexts; political contexts; historical differentiation; rationalisation; institutions; instrumental rationality; pluralism; economics education.

DOI: 10.1504/IJPEE.2011.044270

International Journal of Pluralism and Economics Education, 2011 Vol.2 No.3, pp.255 - 269

Received: 08 May 2021
Accepted: 12 May 2021

Published online: 12 Dec 2011 *

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