SOCIOL 173 Chapter Notes - Chapter 1-4: Informal Social Control, Irving Fisher, The Great Transformation (Book)
Document Summary
Mid-19th century: shared perspective on value and distribution theory. Fundamental assumptions: people have rational preferences among outcomes, individuals maximize utility and firms maximize profits, people act independently on basis of full and relevant information. Key people that led to scientificization and mathematization of economics. Society: markets, meanings, and social structure bruce g. carruthers: the embeddedness of markets. Gary s. becker viewing nonmarket institutions in economic terms (education and marriage, divorce) Markets and their preconditions: property: rights over things, not just the item, buyers and sellers, money (currently fiat, information. Economic sociology: markets are embedded in nonmarket social relations. Informal social control (diamonds nyc, family network, and ethnic-religious community . Division of labor is based upon differences in sex, geography, talent. Max weber economic system will be run on noneconomic motives. Tribal society: maintenance of social ties is paramount. Trobriand islanders of melanesia: reciprocity: good husbandry and fine citizenship by feeding family (cid:271)) redistri(cid:271)utio(cid:374): (cid:862)go(cid:448)er(cid:374)(cid:373)e(cid:374)t storage(cid:863) a(cid:374)d redistri(cid:271)ute at (cid:272)o(cid:373)(cid:373)u(cid:374)al e(cid:448)e(cid:374)ts.
