Neoclassical Economic Approaches to Economic Sociology
The Routledge International Handbook of Economic Sociology. edited by Milan Zafirovski 205-220. New York: Routledge, 2023.
31 Pages Posted: 12 May 2023
Date Written: December 31, 2021
Neoclassical economics originated in the late 1800s with the paradigm shift known today as the marginal revolution. This scientific revolution produced a variety of schools of economic thought, each with its own relationship with sociology. This chapter examines the relationship between the lines of inquiry inspired by the three founders of the marginal revolution before turning to a deeper examination of the connection between Austrian economics and economic sociology. Whereas other branches of economics obscure the nature of exchange and abstract away from the market itself, Austrian economics’ emphasis on process and purposive action especially lends itself to dialogue with sociological insight. Examination of the empirical work of Austrian economists on social relations illustrates the point.
Keywords: Economic sociology, Austrian economics
JEL Classification: Z13, B53
Suggested Citation: Suggested Citation