The Assessment of Economics and Sociology on the Basis of “Market”: A Contemporary Review


The nonchalant attitude of economics to the social function of the market has been an obstacle in building an intellectual bridge between economics and sociology. Even though classical economics had paid a little attention to the market, it never considered the market as a social structure. Neoclassical economics boiled the market down to an abstract field in which an individual behavior was predictable as an individual was assumed as rational and had perfect information in a transaction. During the late 19th century, sociologists criticized neoclassical assumptions of the market on the ground that the market plays a constitutional role in social action. The close attention of classical sociologists to the market provided a favorable ground for the birth of economic sociology. Economic sociology peaked twice in the history of sociology while sociology had a close interest in the market. In this study, I will pursue the question of why economics has not seen the market as a social structure, although sociology stresses the social dimension of the market.
Keywords: Market, Neoclassical Economics, Sociology, Economic Sociology


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