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Compare the econo

Answer :

Economic perspectives on markets – The market economy includes a series of individual exchanges and transaction leading to the emergence of the active ordered system and proper functioning of the economic system. This could happen that even though any of the individuals are not participating in this system intentionally becomes part of this system. Every being is selfish and looks for self –interest activities, but the interests of these individuals or in case of society seem to look after each other. This way it creates more wealth and accelerates our economy. It is like some invisible workforce is deciding what is good for each individual and what is good for society. Adam Smith calls it an ‘invisible hand’. These individuals should make their own decisions which fulfil their self-interest. He promotes the concept of ‘free market’ where there will be no regulation by the state to control it. This concept also named with French phrase called ‘laissez-faire’ which means leave alone or let it be.

Sociological perspectives on markets – Economic could also be studied in the context of sociological aspect which functions according to its own laws separating social and political perspective in which market functions. Sociologists are trying to develop another way to study economic institutions and process in a larger social context. They are of the opinion that these markets as social institutions are constructed in with certain cultural behaviour for example – particular markets are often controlled or classified by particular social group, class and have a proper network with other institutions, social processes and organisation. There are various examples to prove that these markets are socially rooted like weekly tribal haat and ‘traditional business communities’ with their trading networks in colonial India.

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