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Summarize What Weber Meant by Verstehen and What Durkheim Meant

question 26

Essay

Summarize what Weber meant by Verstehen and what Durkheim meant by social facts. How does a sociologist utilize both concepts?


Definitions:

Actual Reserves

Actual reserves refer to the total amount of funds that a bank has on deposit at the Federal Reserve bank of its district, plus its vault cash, constituting its total legal reserves.

Fiscal Policy

Governmental policies regarding taxation and spending to influence the economy.

Negative Excess Reserves

A situation where a bank has less reserves than the minimum required reserve, indicating a potential liquidity problem.

Required Reserves

The minimum amount of funds that a bank must hold in reserve against deposits, as mandated by central banking authorities, to ensure bank liquidity.

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