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Uncertainty and Economic Sociology:

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  • David Dequech

Abstract

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.

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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
    DOI: 10.1111/1536-7150.00226
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    References listed on IDEAS

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    1. G. Dosi & M. Egidi, 2000. "Substantive and Procedural Uncertainty: An Exploration of Economic Behaviours in Changing Environments," Chapters, in: Innovation, Organization and Economic Dynamics, chapter 5, pages 165-188, Edward Elgar Publishing.
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    3. Siegwart Lindenberg, 1998. "The Cognitive Turn in Institutional Analysis: Beyond NIE and NIS?," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 154(4), pages 716-716, December.
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    5. Mary K. Farmer, 1992. "On the Need to Make a Better Job of Justifying Rational Choice Theory," Rationality and Society, , vol. 4(4), pages 411-420, October.
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    7. Paul DiMaggio, 1998. "The New Institutionalisms: Avenues of Collaboration," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 154(4), pages 696-696, December.
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    Cited by:

    1. 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.
    2. 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, Research Centre in Economic and Organisational Sociology at the School of Economics and Management (ISEG) of the University of Lisbon.
    3. Sharon A. Alvarez & Jay B. Barney & Philip Anderson, 2013. "Forming and Exploiting Opportunities: The Implications of Discovery and Creation Processes for Entrepreneurial and Organizational Research," Organization Science, INFORMS, vol. 24(1), pages 301-317, February.
    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. Paul Lewis, 2008. "Solving the “Lachmann Problem”: Orientation, Individualism, and the Causal Explanation of Socioeconomic Order," American Journal of Economics and Sociology, Wiley Blackwell, vol. 67(5), pages 827-857, November.
    6. Knoll, Lisa, 2013. "Justification, conventions, and institutions in economic fields," economic sociology. perspectives and conversations, Max Planck Institute for the Study of Societies, vol. 14(2), pages 39-45.
    7. Hsiang-Lin Cheng & Ming-Chang Huang, 2021. "Does dual Embeddedness matter? Mechanisms and patterns of subsidiary ambidexterity that links a Subsidiary’s dual Embeddedness with its learning strategy," Asia Pacific Journal of Management, Springer, vol. 38(4), pages 1431-1465, December.
    8. Chiara L. Comolli & Daniele Vignoli, 2019. "Spread-ing uncertainty, shrinking birth rates," Econometrics Working Papers Archive 2019_08, Universita' degli Studi di Firenze, Dipartimento di Statistica, Informatica, Applicazioni "G. Parenti".
    9. 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.
    10. 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.
    11. Park, Joo Young, 2014. "Assessing determinants of industrial waste reuse: The case of coal ash in the United States," Resources, Conservation & Recycling, Elsevier, vol. 92(C), pages 116-127.

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