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Economic Sociology

It arose as a new approach to the analysis of economic phenomena; emphasizing particularly the role of economic structures and institutions that act upon society, and the influence a society holds over the nature of economic structures and institutions. It involves a focus on the social consequences of economic exchanges, the social meanings they involve and the social interactions they facilitate or obstruct. Economic sociology is, thus, an attempt by sociologists to redefine in sociological terms questions traditionally addressed by economists. It is thus also an answer to attempts by economists to bring economic approaches – such as utility maximisation and game theory – to the analysis of social situations that are not obviously related to production or trade.

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