
Contents
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Introduction Introduction
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Shared Intellectual Roots Shared Intellectual Roots
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Theoretical and Empirical Common Ground Theoretical and Empirical Common Ground
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Economic Institutions Are Socially Constructed Economic Institutions Are Socially Constructed
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Actors Are Neither Social Automatons nor Asocial Atomized Creatures Actors Are Neither Social Automatons nor Asocial Atomized Creatures
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Conclusion Conclusion
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References References
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24 Contemporary Austrian Economics and the New Economic Sociology
Get accessEvaluator, Idaho Legislature’s Office of Performance Evaluations
Virgil Henry Storr is a Senior Research Fellow, Vice President of Academic and Student Programs, and the Don C. Lavoie Senior Fellow in the F.A. Hayek Program in Philosophy, Politics, and Economics at the Mercatus Center at George Mason University, and an Associate Professor of Economics in the Department of Economics at George Mason University.
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Published:10 December 2015
Cite
Abstract
Contemporary Austrian economics and the new economic sociology have much in common. First, they share intellectual influences, especially Max Weber. Second, they offer similar critiques of neoclassical economics, and both stress the importance of Verstehen. Third, they have complementary conceptions of rational action and of the role of social institutions in shaping rational action. Specifically, these schools agree on a number of key theoretical propositions and empirical approaches, including but not limited to the notions that economic institutions are socially constructed and that actors are neither social automatons nor asocial creatures (actors are embedded). Although there has been some effort to bring the two traditions together because of these similarities between them, more can be done to bring these schools into conversation with each other. This chapter seeks to tease out the connections between the two schools and discuss possible gains from trade between them.
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