how can sociology be apply in economics?

Question

sociology in economics

Answer 1

It's very difficult to apply one to the other. One studies the behavior of groups and the other studies that of individuals.

Of course, Marx tried to do it. Clearly, his ideas have been debunked.

I was a "sociologist" until taking a great microeconomics course
at my university. The professor's depth and knowledge converted me. People act individually in groups only to pursue their own interests. They don't "groupthink" as some sociologists would have you believe.

Answer 2

Easily. It's called New Institutionalism. The idea is that, before delving into an economic analysis, you understand the sociology behind the group, culture, corporation or ethnicity that you are studying.

This tells us, for instance, that much of the undervaluation of the renminyi (Chinese currency) is not so much due to manipulation by the Chinese government but to the phenomenon whereby wealthy Chinese purchase U.S. Treasurys and shun their own domestic markets. This is easier to see once you understand that the Chinese are, for the most part, very risk averse and have less faith in the renminyi than in the dollar.