Research program

Economic sociology is a subdiscipline of sociology that deals with the analysis of the conditions, processes, and consequences of economic action. Traditionally, economic sociology distinguished itself from economics. However, the boundaries between the two fields have become increasingly fluid in recent years. On the one hand, behavioral economic research is increasingly addressing genuinely sociological questions, such as the values, norms, social networks, and institutions underlying economic transactions. On the other hand, some branches of economic sociology adopt the principle of rationality, develop models, and analyze them based on their own sociological tradition of experimental research, particularly as developed in exchange theory. In the currently dominant paradigm of the subdiscipline - New Economic Sociology - the concept of the embeddedness of economic action in social, cultural, institutional, and historical contexts is emphasized, and economic processes are analyzed from this perspective.

The Institute for Economic Sociology at the University of Vienna sees itself as a place where bridges are built between New Economic Sociology and economics - particularly behavioral economics and labor economics. As a foundational framework and loosely integrating theme of its research, the Institute refers to Karl Polanyi’s now-classic distinction between different forms of economic integration: reciprocity, market exchange, and redistribution. The principle of reciprocity refers to a symmetrical relationship structure, often found in family settings or small groups, but also characteristic of relationships between and within economic actors, such as companies or states. The decisive criterion is that the actors do not blindly pursue their short-term self-interest, but rather aim for long-term cooperation that benefits both sides. The principle of market exchange does not require any social relationship structure and can function in complete anonymity. The only requirement is the existence of a market as an institutional framework. Finally, the organization and hierarchically enforced redistribution of the outcomes of a purely market-based distribution - particularly under real-world deviations from the ideal-type market - is a central task of the state. This research perspective is also linked to the Institute’s organizational sociology research, which particularly focuses on the intersection between market and organization.

Current externally funded projects

SCAST - Sustainable Clime Change Adaption in Skiing Tourism, FFG Austrian Climate Research Program 2024