section_path: Subfields/Economic sociology
section_name: Economic sociology
paragraph_text: Economic sociology
  
  The term "economic sociology" was first used by William Stanley Jevons in 1879, later to be coined in the works of Durkheim, Weber, and Simmel between 1890 and 1920. Economic sociology arose as a new approach to the analysis of economic phenomena, emphasizing class relations and modernity as a philosophical concept. The relationship between capitalism and modernity is a salient issue, perhaps best demonstrated in Weber's The Protestant Ethic and the Spirit of Capitalism (1905) and Simmel's The Philosophy of Money (1900). The contemporary period of economic sociology, also known as new economic sociology, was consolidated by the 1985 work of Mark Granovetter titled "Economic Action and Social Structure: The Problem of Embeddedness". This work elaborated the concept of embeddedness, which states that economic relations between individuals or firms take place within existing social relations (and are thus structured by these relations as well as the greater social structures of which those relations are a part). Social network analysis has been the primary methodology for studying this phenomenon. Granovetter's theory of the strength of weak ties and Ronald Burt 's concept of structural holes are two of the best known theoretical contributions of this field.