Term Paper: Industrial and Information Societies

Pages: 2 (590 words)  ·  Bibliography Sources: 0  ·  Level: College Senior  ·  Topic: Sociology  ·  Buy This Paper

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[. . .] Neoclassical and Substantivist Economic Theories

Neoclassical theory is the theory that modern economists use to define current society. This theory is based on the concepts of needs and wants, scarcity and rational choices. It looks at how individuals have both needs and wants and how they select from these needs and wants what they will actually buy.

The concept of scarcity means that there are always greater wants than there is the resources to provide for those wants. For this reason, individuals must choose what to purchase with their available resources.

Neoclassical theory also asserts that these decisions will be made rationally. This means that in deciding what to purchase, it is assumed that all options are known and that the decision is made based on what is of greatest benefit to the individual.

Substantivism is a very different theory and is based on the idea that economic systems are socially and culturally determined. Substantivism would argue that the economic system present is defined by the social environment.

The neoclassical approach that bases economic systems on individual choices is therefore replaced by a theory that bases the economic system on how that society functions. This results in a system based on a collective societal approach rather than an individual approach.

These two theories are very different and yet are also in agreement. The substantivism theory says society will adopt an economic system based on their social system. Neoclassical theory is the economic system current society adopts. At the same time, current society is based on individual pursuits and so substantivism effectively explains the current adoption of the…

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Industrial and Information Societies.  (2002, July 11).  Retrieved May 20, 2019, from https://www.essaytown.com/subjects/paper/industrial-information-societies/9536000

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"Industrial and Information Societies."  Essaytown.com.  July 11, 2002.  Accessed May 20, 2019.
https://www.essaytown.com/subjects/paper/industrial-information-societies/9536000.