ABSTRACT
Neoclassical economics began with the Marginal Revolution, a paradigm shift in economic thinking about the nature of economic value. Three subsequent approaches to economic reasoning came out of this revolution: general equilibrium theory, partial equilibrium theory, and market process theory or “Austrian” economics. This chapter argues that while they have their uses, the equilibrium approaches are limited in their usefulness for research into economic sociology, and there is a substantial insight to be gained from the growing research program at the intersection of Austrian economics and economic sociology.
