Solution: The ideas of modern economics were created by Adam Smith and other thinkers. It is founded on the concept that the economy can be studied as a separate aspect of society that follows its own set of rules, ignoring the larger social or political environment in which markets operate.
Sociologists, on the other hand, have attempted to build a new approach to understanding economic structures and processes within larger social contexts. As a result, sociologists regard markets as social institutions that are created in culturally particular ways. According to sociologists, economies are socially ’embedded.’