Professional Documents
Culture Documents
Important Theorists:
William Stanley Jevons
He was an English economist who applied the principles of
Rational Choice Theory in Political Economy. Jevons was one
of the first to advance the Theory of Marginal Utility, which
sought application in determining and understanding
consumer behavior. Jevons also identified the concept called
Equation of Change, which says that in order to get the most
utility, the ratio of marginal utility must be equal to the
price of the commodity. Marginal utility, in this sense, points
to the line wherein the value for a certain object is still
within satisfactory levels.
Gary Becker
He was an American Economist who
expanded the study of Economics to the realm
of sociology and the other social sciences.
Suggesting that human behavior is subject to
economic analysis, Becker argued that
individuals act to maximize their own welfare,
thereby taking the scope of Economics beyond
mere calculation of financial gains. Like the
other thinkers of Rational Choice Theory, Becker
ascribes to the principles that humans behave
according to their “perceived values and
preferences.”
CRITICISMS AND LIMITATIONS
1.Social legitimacy
2. 2. Survival
Why do you need to continue your
studies amidst the pandemic we are
facing right now?
An institution such as education exists because a
person would have a bleak future without it. That’s
why the Department of Education made a Learning
Continuity Plan. Being educated means having to
ascend social hierarchies and organizational structures,
which in turn affect the economic prosperity of the
person and survival in a capitalist market. Institutions
provide social legitimacy and survival through
isomorphism
What is Isomorphism?
David Mitrany
He was a Romanian-born British scholar, historian,
and political theorist. He is considered the father
of functionalism in international relations, which
is classified under liberal institutionalism.
Jean Monnet