Elements of economic sociology in classical political economy

Classical political economy (CPE), which includes the Austrian, Bloomington, and Virginia Schools of thought, is an approach to political economy that follows in the “mainline” tradition of Adam Smith. There are strong links between CPE and economic sociology, and especially between CPE and the new economic sociology (NES). This chapter discusses the connections between CPE and the NES and highlights what both camps might learn from one another. Specifically, we point to Weber’s writings on the scope of socio-economic inquiry, the NES’s discussion of the social nature of economic action, and CPE’s discussion of the social situation of economic phenomena. We contend that for several reasons scholars working within CPE and the NES are natural dialogical partners.