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Economic Principles in Everyday Life - Sociology in Economic Life - Lecture Slides, Slides of Economic Sociology

Jaypee University of Engineering & TechnologyEconomic Sociology

It is the Lecture Slides of Sociology in Economic Life which includes Economic Principles in Everyday Life, Economic Citizenship, East Asian Miracle, Division of Labor etc. Key important points are: Economic Principles in Everyday Life, Smithian, Political Economic, Self Regulating Market, Function, Supply and Demand, Institutional Arrangements, Generalized Morality, Networks, Three Principles

Typology: Slides

2012/2013

Uploaded on 02/06/2013

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Economic Principles in Everyday Life
•Adam Smith’s Self-regulating
Market
•Market price is regulated by
supply and demand (effectual
demand)
•Karl Polanyi’s Comments
•The Smithian “self-regulating
market” was a product of a
particular political-economic
setting during the late
eighteenth and early twentieth
centuries
•“A self-regulating market
demands… the institutional
separation of society into an
economic and political sphere…
Such an institutional pattern
could not function unless society
was somehow subordinated to
its requirements.
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Download Economic Principles in Everyday Life - Sociology in Economic Life - Lecture Slides and more Slides Economic Sociology in PDF only on Docsity!

Economic Principles in Everyday Life

  • Adam Smith’s Self-regulating Market
  • Market price is regulated by supply and demand (effectual demand) - Karl Polanyi’s Comments - The Smithian “self-regulating market” was a product of a particular political-economic setting during the late eighteenth and early twentieth centuries - “A self-regulating market demands… the institutional separation of society into an economic and political sphere… Such an institutional pattern could not function unless society was somehow subordinated to its requirements.

Mark Granovetter’s “Embeddedness”

  • Nature of Market: Imperfect competition
  • Social relations, rather than institutional arrangements or generalized morality, are mainly responsible for the production of trust in economic life. Networks of relations are the structure that fulfills the function of sustaining order - Inter-personal Relationship: trust and malfeasance - As O. Williamson discussion on transaction cost—transaction through either market process of within hierarchical enterprise would lead to different forms of transaction costs, interpersonal relationship would likewise generate problems such as malfeasance (misconducts, cheating, disorder)

Bureaucratic Organization:

--Bureaucratic Administration and Craft

Administration

  • Bureaucratic Admin.:
  • Communicating work decisions and standards through an administrative apparatus
  • Both the product and work process are planned in advance by persons NOT on the work crew but by managers or administrative staffs - Craft Administration (e. g. Construction industry) - Work decisions and standards (such as the control of pace, manual skill, and effective operative decision) are set up by first-line construction workers - Internal differentiation of authority structure is low (low proportion of people in administrative personnel, low professionalization of authority)

Patterns of Industrial Organization

    1. Different patterns of industrial organization in S. Korea, Japan and Taiwan after W. W. II.
        1. Three explanatory models:
      • A. Market Explanation
      • B. Culture Explanation
      • C. Authority Explanation:
      • State-society relationship
      • Different legitimizing strategies (how the state could legitimize its control) after W. W. II.
      • The firm is “embedded” in networks of institutionalized relationship