A SOCIOLOGICAL THEORY OF ECONOMIC ADMINISTRATION.

This article examines a sociological theory of economic administration. Talcott Parsons and Neil J. Smelser attempted to prove that economic theory is only a special case of the general theory of social systems. However, they have ignored the most highly formalized branch of economic analysis. They have concentrated on the less abstract area of applied theories which have a bearing, often remotely, on economic policy. The true achievement of the authors is that they showed how much phenomena can be treated as socially determined factors which are well inside the range of sociological theory. Nevertheless, the connection between economic administration and socialization is vague.