IN CONTEXT
Society and the economy
Karl Polanyi (1886–1964)
1776 In The Wealth of Nations, Adam Smith argues that man has a natural tendency to trade and barter for profit.
1915 Polish anthropologist Bronislaw Malinowski describes the kula system of the Trobriand Islands.
1923 French sociologist Marcel Mauss publishes The Gift, a study of gift-giving in traditional societies.
1977 US economist Douglass North argues that Trobriander behavior can be explained using economics.
1990s Israeli economist Avner Offer shows that non-economic behavior plays an important role in modern economies.
Economists believe that people are rational, ...
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