A must-read that reshapes how we think about the social underpinnings of our financial choices.
In Irrational Together, economic sociologist Adam S. Hayes takes readers on a fascinating journey to uncover the often-unseen social forces that shape our financial behavior. Drawing on original research and engaging real-world examples, Hayes challenges not only the notion that economic decisions are purely rational but also the prevailing behavioral economics view that irrational choices stem primarily from individual beliefs. Instead, he argues that our economic choices and actions are deeply embedded in our social and cultural contexts and that understanding these influences is crucial to fully grasp the complexities of financial decision-making.
From the impact of social class and cultural capital on risk-taking and the role of social networks and group identities in shaping consumer choices to the gendered dimensions of financial advice and literacy, this book weaves together insights from sociology, behavioral economics, and cultural studies to paint a nuanced picture of how we navigate the economic landscape as inherently social beings. Why, for example, would someone choose to continue paying 20% interest on a large credit card debt rather than taking out a low-interest mortgage on their home to pay off the card? As Hayes makes clear through rigorous analysis, cultural values—like those related to home ownership—hold as much or more sway over us than financial best practices.
Bridging the gap between behavioral economics and sociology, this groundbreaking work paves the way for a more holistic understanding of the social and cultural influences on economic behavior. Hayes also looks to the future and argues that to correct major disparities in our social understanding of wealth and money, we need to construct financial systems that consider a diversity of social backgrounds.
With its accessible language and thought-provoking insights, Irrational Together is an essential guide for anyone seeking to understand the intersection of money, society, and human behavior.
By:
Adam S. Hayes
Imprint: University of Chicago Press
Country of Publication: United States
Dimensions:
Height: 216mm,
Width: 140mm,
Weight: 454g
ISBN: 9780226839295
ISBN 10: 022683929X
Pages: 256
Publication Date: 29 May 2025
Audience:
Professional and scholarly
,
Undergraduate
Format: Hardback
Publisher's Status: Active
Chapter 1: A Feel for the Game: A Sociological Perspective on Economic Behavior Chapter 2: The Economic Mindset: How Culture and Social Position Shape Our Dispositions Chapter 3: The Influence of Others: The Role of Social Networks and Group Identities Chapter 4: A Relational Balance Sheet: The Art and Science of Mixing Friends, Family, and Finances Chapter 5: Rethinking Economic “Man”: Gendered Dimensions of Economic Choice Chapter 6: Rationality by Design: Opportunities and Dilemmas in Realizing Homo Economicus Notes Index
Adam S. Hayes is professor of sociology at the University of Lucerne. Before entering academia, he worked as an options market maker and equity derivatives sales trader and was licensed as a financial advisor.
Reviews for Irrational Together: The Social Forces That Invisibly Shape Our Economic Behavior
""""Economic action is social action. In Irrational Together Adam Hayes spells out what that means for our understanding of economic decision-making: Economic behavior is deeply engrained in social norms, relational contexts, status concerns, and shared experiences. By explaining how to move beyond the individualistic limitations of behavioral economics, Hayes makes a significant contribution to economic sociology, providing readers with a deeper understanding of the social forces influencing economic choices.""--Jens Beckert, author of 'Imagined Futures. Fictional Expectations and Capitalist Dynamics' ""Boldly and with great style, Adam Hayes takes on the formidable task of explaining how our economic lives really work and why the sociological perspective matters. The result is a tour de force, blending theoretical insight with sparkling examples. Irrational Together is not only a must read for experts in economic processes but will also captivate a broader audience.""--Viviana A. Zelizer, author of 'Economic Lives: How Culture Shapes the Economy'
