SOC 1101 Lecture Notes - Lecture 17: Karl Polanyi, Homo Economicus, Market Economy
Document Summary
How is the economy social : economy is dominant, or most central, institution in contemporary society, capitalist society, economy seems to be least social institution. Economic man : belief that people have natural or inherent instinct to act in our self- interest on economic matters, people are naturally or inherently self- interested and motivated by individual gain. Individual (rational) behavior market economy: belief about economic behavior leads to the view that, 1. Our market economy is natural and legitimate : 2. Idea of profit does not exist within such economies. How is the market economy organized: economy is set of rules and norms for production and distribution of material goods, again, our economy is market economy. Free market , capitalist economy: what is central rule for production in market economy, whether profit can be made, what is central rule for distribution in market economy, who has ability to pay.
