SOCI 1001 Lecture Notes - Lecture 11: Social Inequality, Linkedin
Document Summary
Types of social inequality: economic, gender, racial. What is a market: any setting where buyers, sellers, and producers engage in exchange of commodities and services, can be legal or illegal, does not have to be regulated, nothing physical has to be traded. Economic perspective: also kno(cid:449)n as (cid:862)rational choice(cid:863) perspecti(cid:448)e, exchange of goods or services between buyers and sellers, both parties seek to maximize their well-being, both parties make informed and rational decisions, prices determined by supply and demand. We cannot assume this happens naturally (or at all) 3 factors: social networks, power, and culture: social networks. Economic action is embedded in social interactions and networks. Even if it is not the best deal. (cid:862)connections(cid:863) (cid:449)ith sites like linkedin: power and status. Markets are shaped by (and reaffirm) existing power and status relationships. Social biases influence how people behave in markets stereotypes, discrimination. In unregulated/illegal markets stronger parties can coerce weaker parties through force or threats: culture.
