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Uncertainty and Economic Sociology:

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  • David Dequech

Abstract

The paper discusses the role of uncertainty in economic sociology, aiming to clarify some controversial issues in the related literature. Initially, some conceptual remarks are made about the relation between economic sociology, neoclassical economics, and rational choice theory. Next, in light of the existing literature on uncertainty and economic sociology, we distinguish between complexity and different types of uncertainty. We also identify different versions of the maximization hypothesis and examine their relations to the different types of uncertainty. Then we defend a concept of fundamental uncertainty that emphasizes the role of institutions. A theory that combines fundamental uncertainty and institutions should emphasize not only the existence of behavior in accordance with institutions, but also the possibility of creative, bold, unconventional behavior, discussed next, as people may use the knowledge provided by institutions to go against the tide. Finally, we suggest that the primary distinction should be that between approaches to economic issues, not between disciplines. Copyright 2003 American Journal of Economics and Sociology.

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  • David Dequech, 2003. "Uncertainty and Economic Sociology:," American Journal of Economics and Sociology, Wiley Blackwell, vol. 62(3), pages 509-532, July.
  • Handle: RePEc:bla:ajecsc:v:62:y:2003:i:3:p:509-532
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    Cited by:

    1. Paul Lewis, 2008. "Uncertainty, power and trust," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 21(2), pages 183-198, September.
    2. Daniyal Khan, 2016. "Reading the General Theory as Economic Sociology: A broader interpretation of an economics classic," Working Papers 1605, New School for Social Research, Department of Economics.
    3. João Ribeiro Butiam Có, 2009. "Teorias e dinâmicas migratórias internacionais: algumas experiências africanas de "brain drain","brain circulation" e "brain gain"," Working Papers wp022009, Socius, Socio-Economics Research Centre at the School of Economics and Management (ISEG) of the Technical University of Lisbon.
    4. Sharon A. Alvarez, "undated". "Two Theories of Entrepreneurship: Alternative Assumptions and the Study of Entrepreneurial Action," Papers on Entrepreneurship, Growth and Public Policy 2005-19, Max Planck Institute of Economics, Entrepreneurship, Growth and Public Policy Group.
    5. Alpar Lošonc, 2006. "Is There an Opportunity to Establish the Social-Capitalism in the Post Socialist Transition?," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 53(4), pages 407-425, December.

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