The classical period was concerned particularly with modernity and its constituent aspects which are rationalisation, secularisation, urbanisation, social stratification, and so on. As sociology arose primarily as a reaction to capitalist modernity, economics played a role in much classic sociological inquiry. The specific term "economic sociology" was first coined by William Stanley Jevons in 1879, later to be used in the works of Émile Durkheim, Max Weber and Georg Simmel between 1890 and 1920. Weber's work regarding the relationship between economics and religion and the cultural "disenchantment" of the modern West is perhaps most iconic of the approach set forth in the classic period of economic sociology.
Contemporary economic sociology may include studies of all modern social aspects of economic phenomena; economic sociology may thus be considered a field in the intersection of economics and sociology. Frequent areas of inquiry in contemporary economic sociology include the social consequences of economic exchanges, the social meanings they involve and the social interactions they facilitate or obstruct.
Economic sociology arose as a new approach to the analysis of economic phenomena; emphasizing particularly the role economic structures and institutions play upon society, and the influence a society holds over the nature of economic structures and institutions. 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). Economic sociology may be said to have begun with Tocqueville's Democracy in America (1835–40) and The Old Regime and the Revolution (1856). Marx's historical materialism would attempt to demonstrate how economic forces influence the structure of society on a fundamental level. Émile Durkheim's The Division of Labour in Society was published in 1922, whilst Max Weber's Economy and Society was released in the same year.
Contemporary economic sociology focuses particularly on the social consequences of economic exchanges, the social meanings they involve and the social interactions they facilitate or obstruct. Influential figures in modern economic sociology include Fred L. Block, James S. Coleman, Paula England, Mark Granovetter, Harrison White, Paul DiMaggio, Joel M. Podolny, Lynette Spillman, Richard Swedberg and Viviana Zelizer in the United States, as well as Carlo Trigilia, Donald Angus MacKenzie, Laurent Thévenot and Jens Beckert in Europe. To this may be added Amitai Etzioni, who has developed the idea of socioeconomics, and Chuck Sabel, Wolfgang Streeck and Michael Mousseau who work in the tradition of political economy/sociology.
The focus on mathematical analysis and utility maximisation during the 20th century has led some to see economics as a discipline moving away from its roots in the social sciences. Many critiques of economics or economic policy begin from the accusation that abstract modelling is missing some key social phenomenon that needs to be addressed.