Toward Economic Sociology/Socio-Economics? Sociological Components in Contemporary Economics and Implications for Sociology

Abstract

The paper argues and shows that much of contemporary economics undergoes a certain trend toward economic sociology or socio-economics, in virtue of increasingly acknowledging and incorporating various sociological components and influences. The paper identifies and considers at least four major related indicators of such a trend. These are, first, the revival of economic sociology or social economics; second, the renewal of the economic sociology of the market; third, the return of socio-economic institutionalism; and the rediscovery of cultural factors in the economy and markets. The paper suggests that in virtue of such a tendency at least in part contemporary economics appears increasingly congruent with modern economic sociology rather than with sociological rational choice theory. It aims to contribute to a more adequate account and understanding of pertinent recent tendencies in economics in respect of their implications for contemporary economic and other sociology. The paper infers that the renewal of economic sociology both within contemporary economics and sociology provides the fertile ground for interdisciplinary collaboration between economists and sociologists today, just as its early version did in the past.