Where Do Prices Come from? Sociological Approaches to Price Formation

Abstract

The article provides an overview of the state of the art of sociological research on price formation. The dominant trait of the sociological approach to prices is to understand price formation not as the outcome of individual preferences but as the result of the social and political forces operating within the market field. The article proceeds from the concept of market fields and is organized around the three dominant approaches in economic sociology: the network approach, the institutional approach, and the cultural approach.

Keywords: price theory, economic sociology, value, institutions, networks, culture

JEL Classification: D46