Network theory and social economics - a promising conjunction?

Gräbner, Claudius and Heinrich, Torsten and Kudic, Muhamed (2017): Network theory and social economics - a promising conjunction?

Abstract

Socio-economic systems are characterized by the properties of participating individuals and by the structure of the interactions and relations among them. Not adequately reflecting upon this structure usually leads to a deficient understanding of both the individual parts, and the system as a whole. Here we argue that therefore a closer relationship between socio-economics and network science is expedient. But for this to happen, a common language for the two fields is required. Against this backdrop we discuss examples of what has been accomplished by studying socio-economic systems with network theoretic methods and highlight potential contributions of socio-economists to this field. We identify a high thematic overlap in network theory and socio-economic literature and conclude that both socio-economists and network theorists could benefit greatly from a closer relationship between the two fields. We highlight, however, the need for adopting graph theory as a common language.

• Item Type: MPRA Paper
• Language: English
• Keywords: complex systems; innovation networks; structuration processes; network dynamics; evolutionary economics
• Subjects: D - Microeconomics > D8 - Information, Knowledge, and Uncertainty > D85 - Network Formation and Analysis: Theory; E - Macroeconomics and Monetary Economics > E1 - General Aggregative Models > E14 - Austrian ; Evolutionary ; Institutional; L - Industrial Organization > L1 - Market Structure, Firm Strategy, and Market Performance > L14 - Transactional Relationships ; Contracts and Reputation ; Networks; O - Economic Development, Innovation, Technological Change, and Growth > O3 - Innovation ; Research and Development ; Technological Change ; Intellectual Property Rights > O31 - Innovation and Invention: Processes and Incentives; O - Economic Development, Innovation, Technological Change, and Growth > O3 - Innovation ; Research and Development ; Technological Change ; Intellectual Property Rights > O33 - Technological Change: Choices and Consequences ; Diffusion Processes

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