The discipline of economics is aimed at understanding and explaining how markets work in modern capitalist economies. To understander sociology's response to the market in modern times, we also need to we need to go back briefly to eighteenth-century Europe and the beginnings of modern economics where Adam Smith is a central figure. His economic philosophy was given the name laissez-faire, a French phrase that means ‘leave alone’ or ‘let it be’.

Which of the following is NOT correct in relation to the study of the economy by sociologists?

Sociologists view that an economy can be studied as a separate part of society that operates according to its own laws.

The statement that is NOT correct in relation to the study of the economy by sociologists is: Option 1: Sociologists view that an economy can be studied as a separate part of society that operates according to its own laws. Option 1 is the view of the discipline of economics. Sociologists generally disagree with the idea that the economy functions independently of social structures and cultural contexts. They believe the economy is embedded within society and is shaped by social forces.

The rest options are the views of sociologists.

NCERT Text: "Sociologists view markets as social institutions that are constructed in culturally specific ways (2). For example, markets are often controlled or organised by particular social groups or classes (3), and have specific connections to other institutions, social processes and structures(4). Sociologists often express this idea by saying that economies are socially ‘embedded’. This is illustrated by two examples, one of a weekly tribal haat, and the other of a ‘traditional business community’ and its trading networks in colonial India."