Max Weber and Economic Sociology

Stephen D. Parsons

American Journal of Economics and Sociology, 2006, vol. 65, issue 5, 1111-1124

Abstract: Abstract. Peukert (2004) argues that Weber's work is only of limited relevance to present‐day economic sociology because it incorporates “a rather narrow and static understanding of rationality and the economy.” This article disputes that claim. It is argued that Weber differentiates between economic and sociological perspectives on the economy through incorporating uncertainty into the latter. Hence Weber's economic sociology develops the distinction between “before” and “after” perspectives on action, incorporates expectations, and defines capital with reference to time and uncertainty. Furthermore, Weber's analysis of formal rationality presupposes uncertainty. Weber's economic sociology thus assumes a dynamic economy, where uncertainty is prevalent, and formal rationality can reduce uncertainty. Peukert's analysis thus (a) fails to consider Weber's differentiation between economic and sociological investigations, and (b) does not engage with Weber's knowledge of Austrian economics.

Date: 2006
References: View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
https://doi.org/10.1111/j.1536-7150.2006.00492.x

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bla:ajecsc:v:65:y:2006:i:5:p:1111-1124

Ordering information: This journal article can be ordered from
http://www.blackwell ... bs.asp?ref=0002-9246

Access Statistics for this article

American Journal of Economics and Sociology is currently edited by Laurence S. Moss

More articles in American Journal of Economics and Sociology from Wiley Blackwell
Bibliographic data for series maintained by Wiley Content Delivery ().