ASSIGNMENT OF SOCIOLOGY

By : sushant Raut
*How do you explain the argument "social embeddedness of economic behavior"?

> The argument of "social embeddedness of economic behavior" suggests that economic
actions are deeply intertwined with social relationships and structures.

This concept challenges the traditional economic view which often considers economic
behavior as isolated and driven solely by individual rationality and self- interest. Instead, it
posits that economic decisions and activities are significantly influenced by the social
context in which they occur, including factors like social norms, relationships, networks, and
institutions.

For example, a business transaction is not just a simple exchange of goods for money; it's also
shaped by the trust and understanding between the parties involved, the social norms
governing their interactions, and the broader cultural and institutional environment. This
perspective emphasizes that economic behavior cannot be fully understood without
considering the social fabric that underlies and shapes it .

In essence, the social embeddedness argument asserts that economic life is not detached
from the rest of social life but is instead a part of it, influenced by ongoing social relations
and structures

# Social network can serve as social capital for individual or group of people. Explain.

> Social networks can indeed serve as social capital for individuals or groups. Social capital
refers to the potential benefits and resources that individuals can access through their
relationships and connections within a network. It encompasses the trust, mutual
understanding, shared values, and behaviors that bind the members of human networks and
communities and make cooperative action possible.

Here's how social networks can function as social capital:

• Access to Resources: Social networks provide access to resources such as information,
opportunities, and support that might not be available outside these networks.

• Trust and Cooperation: Networks often foster trust and cooperation among members,
which can facilitate various forms of collaboration and mutual assistance.

• Norms and Values: Social networks can establish norms and values that encourage positive
behaviors, such as helping others in the network, which contributes to the social capital of
the group .

• Creation and Reproduction of Resources: The structure and patterns of social networks can
enable or prevent the creation and reproduction of certain resources, influencing the social
capital available to individuals and groups .