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Faculty of Economics

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Goyal, S.

Society and Economy: Frameworks and Principles: A Book Review

Journal of Economic Literature

Vol. 57 no. 3 pp. 678-689 (2019)

Abstract: Mark Granovetter has written a deep and wide-ranging book on economy and society entitled Society and Economy: Frameworks and Principles. Economists, in particular, will find his discussion on the role of social networks in understanding the problem of aggregation—from micro foundations to large-scale institutional phenomena—especially relevant. And they will find much to ponder over the ways in which overlapping structures—of networks and institutions—shape human behavior and determine aggregate economic outcomes. The high-level and parsimonious style of this book is distinctive and sets it apart from much of contemporary social science. This style and the apparent unwillingness to engage closely with research developments over the past two decades may, however, mean that the book will have limited influence on ongoing and future research.

JEL Codes: D02, D90, Z13

Author links: Sanjeev Goyal  

Publisher's Link:

Papers and Publications

Recent Publications

Jochmans, K., and Weidner, M. Fixed-Effect Regressions on Network Data Econometrica [2019]

Onatski, A. and Wang, C. Alternative Asymptotics for Cointegration Tests in Large VARs Econometrica [2018]

Brendon, C., Paustian, M. and Yates, T. Self-Fulfilling Recessions at the Zero Lower Bound Journal of Monetary Economics [2019]

Linton, O. and Xiao, Z. Efficient estimation of nonparametric regression in the presence of dynamic heteroskedasticity Journal of Econometrics [2019]