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Great Transformation

In: Social Issues

Submitted By melb1529
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The Great Transformation was the most influential set of events that lead to the emergence of the market society. This had significance affect on the history of economics, which effected society throughout the ages that determined how we live.
Economics is a social science that studies how individuals, social organizations and governments make choices on allocating resources to satisfy their material needs.
According to Heilbroner, “the economic problem is simply the process of providing for the material well-being of society”(Heilbroner p.159). In essence the problem lies in the illusion of scarcity that motivates production and distribution of material goods. This illusion of scarcity is the driving force in a capitalist cycle of profit through production and distribution. If the illusion of scarcity didn’t exist and goods would become abundant then economics (money) would not be the chief preoccupation. As our wealth increases so does our need to obtain excessive amounts of goods. With the advancement in technology and mobilizing human energy increase production exceeds how fast nature can procreated its yield. Therefore scarcity of nature is not only to be blamed but human nature as well.

According to Heilbroner economic problem creates an imbalance in the production and distribution of goods and services. Production is a system that is highly organized with mobilizing effort using human energy for production of goods and services. Mobilizing effort is not enough, without proper allocation of the right goods and service and producing the right amount of product that is essential for human survival. Production is only one part of the problem, the second part of production deals with distribution. Without adequate distribution of products (goods and services) the cycle comes to a stop and could cause economic collapse.

Throughout the course of…...

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