Economic sociology can be used to refer to two distinct disciplines:
The first of these is the more usual meaning of "economic sociology"; the latter is more often referred to as social exchange theory.
As the earliest economists recognised, economic instituions are of profound importance to society as a whole and the social context affects the nature of local economic institutions. Karl Marx studied society as a principally economic entity and individuals as subjected to massive economic forces outside of their control. The founding figures of sociology, such as Max Weber, similarly regarded economic processes as fundamental to the structure of society. Georg Simmel, particularly in his book Philosphie des Geldes, was important in the early development of economic sociology.
Later Marxist and other left-wing economic thought has focused on the social implications of consumerism and economic development within the system of economic relations that produce them.
Current economic sociology focuses particularly on the social consequences of economic exchanges, the social meanings they involve and the social interactions they facilitate or obstruct. An influential figure in modern economic sociology is Viviana Zelizer , whose research on the meanings of money has helped revive interest in Simmel.
The focus on mathematical analysis and utility maximisation during the 20th century has led some to see economics as a discipline moving away from its roots in the social sciences. Many critiques of economics or economic policy begin from the accusation that abstract modelling is missing some key social phenomenon that needs to be addressed. In reply, many mainstream economists point out that such cultural and social arguments often seem to favour the interests of local monopolists and the already powerful.
Economists have also attempted to bring economic approaches - in particular utility maximisation and game theory - to the analysis of social situations that are not obviously related to production or trade. This remains an active area of research, controversial both amongst economists and other social sciences.
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