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Half of all workers are hired through personal referrals, and networks of social connections channel the flows of capital, technology, and international trade. Sociologists and economists alike recognize that economic exchange is shaped by social networks, which propagate information and facilitate trust, but each discipline brings a distinct theoretical perspective to the study of networks. Sociologists have focused on how networks shape individual behavior, economists on how individual choices shape networks. The Missing Links is a bold effort by an interdisciplinary group of scholars to synthesize sociological and economic theories of how economic networks emerge and evolve. Interweaving sophisticated theoretical models and concrete case studies, The Missing Links is both an introduction to the study of economic networks and a catalyst for further research. Economists Rachel Kranton and Deborah Minehart illustrate their field's approach to modeling network formation, showing how manufacturers form networks of suppliers in ways that maximize profits. Exemplifying the sociological approach, Ronald Burt analyzes patterns of cooperation and peer evaluations among colleagues at a financial organization. He finds that dense connections of shared acquaintances lead to more stable reputations. In the latter half of the book, contributors combine the insights of sociology and economics to explore a series of case studies. Ray Reagans, Ezra Zuckerman, and Bill McEvily investigate an R & D firm in which employees participate in overlapping collaborative teams, allowing the authors to disentangle the effects of network structure and individual human capital on team performance. Kaivan Munshi and Mark Rosenzweig examine how economic development and rising inequality in India are reshaping caste-based networks of mutual insurance and job referrals. Their study shows that people's economic decisions today are shaped both by the legacy of the caste hierarchies and by the particular incentives and constraints that each individual faces in an evolving labor market. Economic globalization is forging new connections between people in distant corners of the world, while unsettling long-standing social relations. Anyone interested in understanding the opportunities and challenges of this era of rapid change will find a highly informative guide in The Missing Links.
This collection of essays comprises some of Rudolf Richter’s important contributions to research on New Institutional Economics (NIE). It deals with the central idea, principles, and methodology of New Institutional Economics and explores its relation to sociology and law. Other chapters examine applications of NIE to various microeconomic and macroeconomic issues in the face of uncertainty, from entrepreneurship to the euro crisis.
Describes how patterns of information, knowledge, and cultural production are changing. The author shows that the way information and knowledge are made available can either limit or enlarge the ways people create and express themselves. He describes the range of legal and policy choices that confront.
Networks of relationships help determine the careers that people choose, the jobs they obtain, the products they buy, and how they vote. The many aspects of our lives that are governed by social networks make it critical to understand how they impact behavior, which network structures are likely to emerge in a society, and why we organize ourselves as we do. In Social and Economic Networks, Matthew Jackson offers a comprehensive introduction to social and economic networks, drawing on the latest findings in economics, sociology, computer science, physics, and mathematics. He provides empirical background on networks and the regularities that they exhibit, and discusses random graph-based models and strategic models of network formation. He helps readers to understand behavior in networked societies, with a detailed analysis of learning and diffusion in networks, decision making by individuals who are influenced by their social neighbors, game theory and markets on networks, and a host of related subjects. Jackson also describes the varied statistical and modeling techniques used to analyze social networks. Each chapter includes exercises to aid students in their analysis of how networks function. This book is an indispensable resource for students and researchers in economics, mathematics, physics, sociology, and business.
"Portes suggests that immigration constitutes an especially appropriate Mertonian 'strategic research site' for economic sociology in that it provides very good opportunities for investigating the embeddedness of economic relationships in social situations....the contributors expand the conventional domain of economic sociology quite literally in both time and space."—Contemporary Sociology "Alejandro Portes and his splendid band of collaborators make clear that the causes, processes, and consequences of migration vary dramatically from group to group, that a group's history makes a profound difference to its fate in the American economy. They have produced a sinewy book, a book worth arguing with."—Charles Tilly, Columbia University The Economic Sociology of Immigration forges a dynamic link between the theoretical innovations of economic sociology with the latest empirical findings from immigration research, an area of critical concern as the problems of ethnic poverty and inequality become increasingly profound. Alejandro Portes' lucid overview of sociological approaches to economic phenomena provides the framework for six thoughtful, wide-ranging investigations into ethnic and immigrant labor networks and social resources, entrepreneurship, and cultural assimilation. Mark Granovetter illustrates how small businesses built on the bonds of ethnicity and kinship can, under certain conditions, flourish remarkably well. Bryan R. Roberts demonstrates how immigrant groups' expectations of the duration of their stay influence their propensity toward entrepreneurship. Ivan Light and Carolyn Rosenstein chart how specific metropolitan environments have stimulated or impeded entrepreneurial ventures in five ethnic populations. Saskia Sassen provides a revealing analysis of the unexpectedly flexible and vital labor market networks maintained between immigrants and their native countries, while M. Patricia Fernandez Kelly looks specifically at the black inner city to examine how insular cultural values hinder the acquisition of skills and jobs outside the neighborhood. Alejandro Portes also depicts the difference between the attitudes of American-born youths and those of recent immigrants and its effect on the economic success of immigrant children.
First published in 2005, Economics and Social Interaction is a fresh attempt to overcome the traditional inability of economics to deal with interpersonal phenomena that occur within the sphere of markets and productive organizations. It makes use of traditional economic concepts for understanding interpersonal events, while venturing beyond those concepts to give a better account of personalised interactions. In contrast to other books, Economics and Social Interaction offers the reader a rigorous effort at extending economic analysis to a difficult field in a consistent manner, sensitive to insights from other behavioural and social sciences. This collection represents an important contribution to a growing research agenda in the social sciences.
Networks and Markets argues that economists' knowledge of markets and sociologists' rich understanding of networks can and should be combined. Together they can help us achieve a more coherent view of economic life, where transactions follow both the logic of economic incentives and the established channels of personal relationships. Market exchange is impersonal, episodic, and carried out at arm's length. All that matters is how much the seller is asking, and how much the buyer is offering. An economic network, by contrast, is based upon more personalized and enduring relationships between people tied together by more than just price. Networks and Markets focuses on how the two concepts relate to each other: Are social networks an essential precondition for successful markets, or do networks arise naturally out of markets, as faceless traders build reputations and gain confidence in each other? The book includes contributions by both sociologists and economists, applying the concepts of markets and networks to concrete empirical phenomena. Among the topics analyzed, the book explains how, in Taiwan, South Korea, and Japan, firms combine into tightly-knit business blocs, how wholesalers in a Marseille fish market earn the loyalty of customers, and how ethnic retailers in the U.S. share valuable market information with other shopkeepers from their ethnic group. A response to each chapter discusses the issue from the standpoint of the other discipline. Sociologists are challenged to go beyond small-scale economic exchange and to integrate their concept of networks into a broader understanding of the economic system as a whole, while economists are challenged to consider the economic implications of network ties, which can be strong or weak, unconditional or highly contingent. This book proves that both economics and sociology provide stronger insights when they study markets and networks as parallel forms of exchange. But it also clarifies the healthy division of labor that remains between the two disciplines. Sociologists are adept at showing how markets are framed by social institutions; economists specialize in explaining how markets perform, taking the social context as a given. Networks and Markets showcases what each discipline does best and reveals where each discipline would do better by borrowing from the other.
The Oxford Handbook of the Economics of Networks represents the frontier of research into how and why networks they form, how they influence behavior, how they help govern outcomes in an interactive world, and how they shape collective decision making, opinion formation, and diffusion dynamics. From a methodological perspective, the contributors to this volume devote attention to theory, field experiments, laboratory experiments, and econometrics. Theoretical work in network formation, games played on networks, repeated games, and the interaction between linking and behavior is synthesized. A number of chapters are devoted to studying social process mediated by networks. Topics here include opinion formation, diffusion of information and disease, and learning. There are also chapters devoted to financial contagion and systemic risk, motivated in part by the recent financial crises. Another section discusses communities, with applications including social trust, favor exchange, and social collateral; the importance of communities for migration patterns; and the role that networks and communities play in the labor market. A prominent role of networks, from an economic perspective, is that they mediate trade. Several chapters cover bilateral trade in networks, strategic intermediation, and the role of networks in international trade. Contributions discuss as well the role of networks for organizations. On the one hand, one chapter discusses the role of networks for the performance of organizations, while two other chapters discuss managing networks of consumers and pricing in the presence of network-based spillovers. Finally, the authors discuss the internet as a network with attention to the issue of net neutrality.