Reading Reflection Essay

Question 1. What does Heilbroner mean by the economic occupation and how does tradition, command and the market solve it? Why does Heilbroner think economic science is of no use for studying pre-market economies? (chapter 1).In the first chapter of this book, the author illustrated several(prenominal) concepts. Firstly, economic puzzle was defined as extraordinary variety of shipway in which human communities have wrestled with (Heilbroner, p.9). Secondly, tradition solved the economic chore by customers. For example, a son will do his fathers job and forge in the family. Thirdly, the Command solved the problem by order exercise above. It requires an enforcement mechanism different from internalized pressure of socialization (Heilbroner, p.12). Lastly, the market solved the problem by the system itself, the author illustrated that its just the way batch behave. No one runs it (Heilbroner, p.13).Question 2. Difference between Capital and Wealth.Heilbroner illustrated that smas hing is not wealth. Capital thus differs from wealth in its intrinsically propellant characters, continually changing its form from commodity into money and then support again in an endless metamorphosis that already makes clear its constituent(a) connection with the changeful nature of expectantism itself (Heilbroner, p.30).Question 3. What are the cardinal realms of capitalism?There are public and private realms. For the public realm, the capital normally holds the upper hand (Heilbroner, p.55). And it cannot perform its accumulative task without the complemental support of the state (Heilbroner, p.55). However, for private sector, government treats it as a business.