Where Do Prices Come from? Sociological Approaches to Price Formation
Beckert, Jens, 2011: Where Do Prices Come From? Sociological Approaches to Price Formation. In: Socio-Economic Review 9, 4, 757-786
31 Pages Posted: 11 Dec 2014
Date Written: February 15, 2011
The article provides an overview of the state of the art of sociological research on price formation. The dominant trait of the sociological approach to prices is to understand price formation not as the outcome of individual preferences but as the result of the social and political forces operating within the market field. The article proceeds from the concept of market fields and is organized around the three dominant approaches in economic sociology: the network approach, the institutional approach, and the cultural approach.
Keywords: price theory, economic sociology, value, institutions, networks, culture
JEL Classification: D46
Suggested Citation: Suggested Citation