Parsons' Economic Sociology: A Failure of Will*

In the Marshall Lectures and in Economy and Society Parsons endeavored to demonstrate that economic theory was a special case in the general theory of social systems. He then attempted to show that the parameters of macroeconomic theory could be analyzed as variables within a general social systems theory. But Parsons’economic sociology failed to redeem its promise. He did not succeed in using macro-economic theory as the basis for the formulation of a propositional macrosociology; nor did he sociologically reconstruct the logic of utilitarian, neoclassical economic theory.