In this month’s episode, we discuss Mark Granovetter's 1985 paper, Economic Action and Social Structure: The Problem of Embeddedness. Granovetter's work provided a middle ground between two overly simplistic perspectives presented respectively by economists and sociologists-- the undersocialized view that treated individuals as isolated, purely rational agents and the oversocialized perspective that viewed individuals as enmeshed in social norms and lacking personal agency. Embeddedness allows social ties, trust, and networks to mediate economic transactions—reducing uncertainties, lowering transaction costs, and facilitating cooperation.
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