The Impact of Social Structure on Economic Outcomes

The author focus here on sociologists' contributions to the impact of social structure and networks on the economy. Sociologists have developed core principles about the interactions of social structure, information, ability to punish or reward, and trust that frequently recur in their analyses of political, economic and other institutions. The author begins by reviewing some of these principles. Building on these, he then discusses how social structures and social networks can affect economic outcomes like hiring, price, productivity and innovation.