Tag Archives: sociology and economics

The Democratic primary season is upon us, and the party’s candidate list is a useful starting point for assessing the impact of affluence on American politics. Classic works by sociologists of decades past, including C. Wright Mills and G. William Domhoff, posited that U.S. political institutions were captured by elite economic actors, who seek to enhance their own material positions at the expense of the many.... "Class" is a technical term in sociology. It is synonymous with "social...

Oldie but goodie. Excellent short summary of the contributions of C. Wright Mills.  "Follow the power." Power should be central to economics. Economists recognize that market imperfections arise from asymmetrical market power. These imperfections are the basis of economic rents — financial rent, land rent, natural resources rent, and monopoly-monopsony rent. Market power is also the basis for socializing negative externality, also a from of rent extraction. For example, a way to...