Sociology of Economics

Two American sociologists have been interviewed by The New York Times, about what social policy might look like if sociologists had as much influence than economists.

The article shows that economists focus on the exchange and renumeration of labour as a straightforward transaction. Professor Herbert Gans says sociologists view this through a lens of identity, inequality and stratification:

“Wages are very important because of course they help people live and provide for their families. But what social values can do is say that unemployment isn’t just losing wages, it’s losing dignity and self-respect and a feeling of usefulness and all the things that make human beings happy and able to function.”

Similarly, economists view housing in relation to financial incentives, but sociologists show the impact of racial discrimination and entrenched poverty on housing security.

Professor Michèle Lamont, President of the American Sociological Association, and sociologist at Harvard University, says that economists have monopolised the policy sector:

“Once economists have the ears of people in Washington, they convince them that the only questions worth asking are the questions that economists are equipped to answer. That’s not to take anything away from what they do. It’s just that many of the answers they give are very partial.”

Professor Gans adds:

“When no one asks us for advice, there’s no incentive to become a policy field.”

Read the article.

Source: Image and quotes via NYT.