According to Adam Smith how do …

* Modern economics has been based on the idea that economy can be best studied as a separate parrt of society that operates according to its own laws leaving out the larger social and political context in which market operates *on the contrary, sociologist have attempted to develop an alternative way of studying economic institutions and processes within the larger framework of society *sociologist view market as a social institution that is constructed in a culturally specific ways. For instance, markets are often controlled by organised groups or classes and have specific convention to other social * sociologist often express this idea by saying that economies are generally socially embedded. For instance, weekly tribal haat or traditional Business community. Hope this may help you as i've written the same answer in my last unit test and this answer helped me fetch me good marks.