Parsons Talcott, Smelser Neil Joseph. Economy and Society: A Study in the Integration of Economic and Social Theory

Taylor & Francis e-Library, Routledge, 2005, 350 pp.Originally published in 1956. This volume is designed as a contribution to the synthesis of theory in economics and sociology. We believe that the degree of separation between these two disciplines—separation emphasized by intellectual traditions and present institutional arrangements—arbitrarily conceals a degree of intrinsic intimacy between them which must be brought to the attention of the respective professional groups. We dedicate the book to the memory of two great figures in the recent history of social science, one identified with each of the two disciplines. The work of Marshall and Weber, considered together, constituted a level of rapprochement between economics and sociology which has not been matched since. From a somewhat different point of view Pareto also made a notable attempt at synthesis which has greatly influenced our thinking. It seemed as though the theory of economic equilibrium he took over from Walras and developed was about to merge into a general theory of social systems. But the initiative of these men failed to gain momentum. Indeed, we feel that there has been, if anything, a retrogression rather than an advance in the intervening half century.Contents: The problem: current sociological theory and some central concepts of economics - The economy as a social system: its internal structure and external boundaries - The institutional structure of the economy - Economic processes in their social setting - The problems of growth and institutional change in the economy - Conclusion: economic theory and the general theory of social system.