IGNOU BSOG 176 2025 2026 - What is formalism in economic sociology?

Question

What is formalism in economic sociology?

21 Jan 2026

Answer :

Word Count : 301

Formalism in economic sociology refers to an analytical approach that applies the principles and models of classical and neoclassical economics to study social behavior and institutions. It assumes that human actions in economic and social contexts can be explained through rational choice, utility maximization, and cost-benefit calculations, regardless of cultural or social variations. In other words, formalism treats economic behavior as universally governed by rational decision-making

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