What are the most important debates in economic sociology?

The critical aspect and dimensions brought in by the economic sociology other than main stream economic is its deeper coverage of societal issues from inclusivity lenses rather than individualism derived from stringent assumptions of rationality, welfarism and utilitarianism views. Economic sociology looks at how people coexist in society from the lenses of Extra-welfarism and communitarianism ideology. It brings in the aspect of anthropology and sociology into the field of economics which provides more information social welfare and social policy formulation which compliment culture and ethical leadership foundations.

The embeddedness of economic action in economic sociology means that economic activities are tied to social and cultural aspects. This influences how people make economic decisions. In debates, it emphasizes understanding economics in connection with society, breaking away from isolating economics as a separate realm. It prompts discussions on how social relationships, norms, and values play a role in shaping economic behaviors, fostering a more holistic perspective on the interdependence of economics and society.

Economic inequality can arise from various factors, both structural and systemic. Here are some key sources or causes of economic inequality: Education Disparities: Unequal access to quality education can lead to differences in skills and opportunities, affecting earning potential and perpetuating inequality.

From experience, Economics focus on science that relates to human behavioral (social science), the behaviour is influenced by both cultural and geographical factors, that is why economic actions (polices) are to be based or tailored on.

The embeddedness of economic action refers to the idea that economic activities are deeply intertwined with social and cultural contexts, challenging the notion of economic transactions as isolated events. This concept, developed by sociologist Mark Granovetter, emphasizes the social relationships and networks that influence economic behavior.

Culture significantly shapes economic life by influencing our perspectives on work, money and success. It also impacts societal structures, business practices, trade and consumer choices. For example: a society's values can dictate saving or spending habits and preferences for job stability or entrepreneurship. Cultural beliefs extend to influencing how governments and institutions regulate economic activities. Essentially culture molds the economic landscape by affecting both outcomes and institutions.

Culture which is the way of life of people as it relates to values and beliefs determines how they go about their economic activities and achieving their economic goals. It determines the level of productivity, demand, supply, appetite and response to risk and uncertainties. It is a dynamic relationship as culture can also be impacted and shaped by economic processes too as evidenced by globalization and financialization.

While how culture influences economic life and vice versa is widely discussed, it's essential to consider a different viewpoint. Putting too much emphasis on culture oversimplifies the many factors influencing economic behaviours. While culture plays a role, its impact might be overstated, especially when considering the economy's various structural and systemic forces. Instead of seeing culture as the primary driver of motivation or conflict, a more balanced perspective considers the complexity of economic dynamics.

Tout phénomène économique est un phénomène culturel. Le c?ur même du processus économique est culturel, en ce que la création de valeur est un processus social. La valeur d'une chose renvoie à la notion d'usage et d'utilité qui dépend d'appréciations sociales et culturelles. Les phénomènes financiers sont aussi directement imputables à la psychologie et à la manière dont s'établissent les projections de valoration sur un ensemble de critères parfois économiques et parfois moins objectifs (mimétisme, prophétie auto-realisatrice, panique, etc).

A cultura é um fator importante na vida económica, influenciando a forma como as pessoas percebem, valorizam e organizam os bens e servi?os.

Power is either acquired through bureaucratic institutions (top down) or society given following culture or religion (bottom up). This two power acquisition approaches produces different societal outcome. One gives shared wealth, national vision and inclusivity or lead to serious inequalities, resentment and instability. Respected and strong Institutions arise in case where the power is given through a consensus bottom up approach where everyone feel included and involved in decision making process. This type of arrangement makes leaders accountable to those who give the power to act as servant leaders and the will be no principal-agent conflicts, information asymmetry, adverse selection and moral hazard incidences

Economic sociology applies sociological concepts to analyze the production, distribution and consumption of goods. It explores the interplay between economic activity, society and evolving institutions viewing groups and societies as influencing individuals. Economic sociology emphasizes economic actions as socially oriented, considering power, culture, organizations and institutions integral to the economy. It posits a symbiotic relationship between the state and the economy, challenging the conventional market-state dichotomy. This perspective will help focus on embeddedness in social and political structures that will define economic sociology's exploration of the dynamic state-economy relationship.

O poder e a política s?o for?as que moldam estrutural e conceptualmente as institui??es económicas, influenciando o seu funcionamento e resultados.

The social, political and cultural institutions play a crucial role in any economy or economic policy. Many businesses have to start up thinking about problems people face socially, culturally and even psychologically. From stock markets to foreign trade policies to IMF ratings to consumer choices, everything is impacted by the societal and political norms, structure, and expectations.

Las instituciones son importantes desde la perspectiva económica. Ahora bien, algunas están determinadas por las posiciones de quienes las manejan a excepción, quizás, del mercado; este orienta las decisiones de los agentes aunque no estén ancladas a una condición de precios pecuniarios.

The social dimensions of innovation and entrepreneurship encompass the impact of these processes on society. Innovation and entrepreneurship not only drive economic development but also influence social structures, employment patterns, and community dynamics. Social factors, like access to education and resources, can shape who participates in these activities, contributing to the broader societal fabric.

Pour ma part, l'entrepreneuriat et l'innovation sont un puissant levier de développement économique avec la creation d'entreprises qui ne demandent pas un local. Cela change le modèle de développement classique, surtout pour les pays en développement. Néanmoins ces innovations peuvent créer un fossé au niveau social avec le risque de fuite de données personnelles, l'individualisme (car les services rendus entre particuliers sont traduits en business), la consommation en un clic ( pollution), diminution de la capacité de reflexion et de concentration (avec l'IA). Finalement "tout est fait pour se passer de l'autre " . Les metiers de contact laissent place aux programmeurs en informatique. L'état doit équilibrer la balance eco/social.

Uma forma de compreender as diferentes práticas do assunto é a abrangência do empreendedorismo por ser uma forma de criar e gerar valor para a sociedade, por meio da identifica??o e explora??o de oportunidades de negócios que atendam a uma demanda ou necessidade social. Promove o desenvolvimento econ?mico e social, gerando emprego, renda, impostos e riqueza. Estimula a criatividade e a inova??o, incentivando a busca por originalidade eficiente para os problemas sociais. Contribui para a inclus?o social e a redu??o de desigualdades, oferecendo produtos e servi?os acessíveis e de qualidade para popula??es carentes. Fortalece a educa??o, inspirando e capacitando as novas gera??es a se tornarem agentes de mudan?a e transforma??o social.

From my perspective, the nexus between innovation, entrepreneurship, and societal constructs is captivating. I see innovation and entrepreneurship not only as drivers of growth and progress but also as powerful forces introducing elements of uncertainty and risk. Emphasizing the social aspects involved, such as culture, networks, and institutions, is essential for a comprehensive understanding. While some highlight their positive impact on development, my viewpoint acknowledges the potential for exclusion and social challenges. The ongoing debate on how to define, measure, and assess the social impacts of innovation and entrepreneurship adds depth to our exploration of their intricate roles in economic sociology.

I suggest looking at Clusters of innovation as case studies and understanding their roots and their effects on the economy and society. Two telling examples are Silicone Valley, the largest cluster, and Israel, the second largest cluster. They have some characteristics in common but differ in many ways, both in the environments and cultures that enable them and in their effect on their economy and society. In the book "start- up nation" the authors demonstrate the unique cultural features that supports the Israeli cluster. The social norm of trying new things, being openly challenging as an ethos of success and the social structure which ebcourages team work and collaborative action throughout the course of one's childhood and upbringing.

Economic inequality is fueled by factors like productivity, pay gap and stagnant minimum wage that are persistent amidst political deadlocks. Economic inequality is linked to social discord. The hindrance in economic growth can be spotlighted by the COVID-19 pandemic and also the great depression that heavily impacted the marginalized groups and essential workers disproportionately. The debate on reducing inequality remains divisive among many individuals on the level and ways to measure and mitigate economic inequality disparities. However a major consequence in economic inequality is creation social classes between individuals.

Some causes of economic inequality are differences in the marginal product of each factor of production, differences in tax structures, human capital, social capital, inheritance, discrimination, access to financial markets, and the bargaining power within economic and social units.

Plus les Capitaux d'un pays genere des revenus du Capital (free cash flow) plutot que des salaires, plus les inégalités croissent. Il en va ainsi quand les pays délocalisent les Capitaux (désindustrialisation). En délocalisent on augmente la rentabilité pour les actionnaires mais on diminue la laborité des Capitaux du pays concerné. Le tout est donc de limiter la culture des croyances liberales versus dirigistes et de reguler ces cultures trop marquées.

Economic inequality arises from factors like unequal access to education, job opportunities, and discrimination. When some have more advantages, it leads to uneven income distribution. In economic sociology debates, this sparks discussions on the social impact of such disparities, questioning how societal structures contribute to unequal wealth distribution. Examining the consequences of economic inequality helps shape conversations about fair economic systems and policies that promote social well-being.

The rising inequality between developed and developing countries is mainly due to the reluctance of the developed countries to transfer technology to developing countries. High degree of inequality in developing countries is due to policy failures to create job and ad-hoc policy regime. In many countries government machinery is corrupt and space for private sector growth is dismal. The liberalization of the market without the proper regulatory authorities have created problem of moral hazard in the banking industry and increase in non-performing assets in their credit growth. All these phenomenon increase the inequality further.

One of the central debates in economic sociology revolves around understanding human behaviour and the imperative to mathematize this behaviour. Without the incorporation of mathematical frameworks, economic sociology risks remaining solely within the realm of sociology.

he concept of embeddedness in economic sociology suggests that economic transactions are not isolated events but are influenced by social relations, norms, and institutions. This challenges the notion of purely rational economic actors and highlights the role of social factors in shaping economic behavior. It also recognizes that economic outcomes can be influenced by social norms, institutions, and political power. While the debate on embeddedness continues, there is a growing recognition of its importance in understanding the complexities of economic life.

One thing i found helpful, is that economic policies should be dynamic as human cultures are different from each other, hence to achieve economic growth and development. For example, an economic policy that will work for Country A, a developed economy might not work for Country B, a developing economy.