How does a sociological perspective on markets differ from an economic one?
Answers
Answer:
It is based on the idea that the economy can be studied as a separate part of society that operates according to its own laws, leaving out the larger social or political context in which market functions.
on the other hand sociology have tried to develop an alternative way of studying an economic instituition and processes within the larger social framework. In this way sociologists consider markets as social imstitutions which are made in culturally specific ways. sociologists maintain that economies are socially embedded.
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Answer:
There are differences in sociological perspective and economic perspective on markets.
Explanation:
People like Adam Smith who are economic thinkers give an idea that modern economics should be studied different from the society and has its own law. They say that when a person thinks only about his interest in the market, it leads to economic growth and country gains more wealth.
In contrast, sociologists have tried to think their own way of studying the economic institutions. According to them, markets are like organizations of society and should be built in a cultural way. They say markets are controlled by given groups of society.