Much orthodox economic theory is based on assumptions which are treated
as self-evident: supply and demand are regarded as independent entities,
the individual is assumed to be a rational agent who knows his interests
and how to make decisions corresponding to them, and so on. But one has
only to examine an economic transaction closely, as Pierre Bourdieu does
here for the buying and selling of houses, to see that these abstract
assumptions cannot explain what happens in reality.
As Bourdieu shows, the market is constructed by the state, which can
decide, for example, whether to promote private housing or collective
provision. And the individuals involved in the transaction are immersed
in symbolic constructions which constitute, in a strong sense, the value
of houses, neighbourhoods and towns.
The abstract and illusory nature of the assumptions of orthodox economic
theory has been criticised by some economists, but Bourdieu argues that
we must go further. Supply, demand, the market and even the buyer and
seller are products of a process of social construction, and so-called
'economic' processes can be adequately described only by calling on
sociological methods. Instead of seeing the two disciplines in
antagonistic terms, it is time to recognize that sociology and economics
are in fact part of a single discipline, the object of which is the
analysis of social facts, of which economic transactions are in the end
merely one aspect.
This brilliant study by the most original sociologist of post-war France
will be essential reading for students and scholars of sociology,
economics, anthropology and related disciplines.
