A socio-dynamic understanding of markets: the progressive joining forces of economic sociology and Austrian economics

Economic sociology furthers a healthy alternative to price-theory-oriented economics as it sets out to remedy the invisibility of the market within the latter. There is, however, no doubt that such a market-oriented .sociology is still in its infancy, given among other issues its inability to shoulder market change. The void thus recognized opens up the potential for a market idea with both social and dynamic properties. There is good reason to believe that such an endeavor would benefit from the constructive blending of economic sociology and Austrian economics. This paper argues that such a 'socio-Austrian' connection is in the position to enrich the socioeconomic discourse in general and its market conception in particular.