economic sociology
economic sociologyThe fundamental problem in economics is to explain how the limited productive resources and effort of a society are allocated among the wide range of alternative uses to which they might be put. Conventional economic theory seeks to address this issue by adopting a position of methodological individualism. It also makes a number of abstract assumptions for purposes of analysis. First, relationships of competition exist between the producers of a commodity, between its consumers, and between producers and consumers collectively, the whole constituting a set of market relationships. Second, both competition and economic co-operation are outcomes of the rational pursuit of economic advantage by individuals and groups. This is the paradigmatic example of a rational choice theory. Third, the propositions of the theory do not simply describe the institutions and...
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