“…The paper argues that economic sociology can provide a microfoundation of political economy beyond rational actor theory and behavioral economics. Based on a discussion of what I call the four Cs of capitalism (credit, commodification, creativity, and competition), I argue that macroeconomic outcomes depend on the "contingent expectations" actors have in decision situations. …”

“…However, evidence from the behavioral-economics literature suggests that people are loss averse and thus perceive losses differently than gains. …”