A) Specify in some detail at least two of the primary social/economic institutions necessary for markets to solve the economic problem and describe how they differ from prior historical institutions that solved the economic problem. (Society is confronted by a finite set of resources and a given state of technology at any given point in time that produces a finite amount of goods and services to meet human desires and need for food, clothing, and shelter).
B) What are some of the unique problems the market faces when “solving” the economic problem?
C) Finally, although we live in a “market economy”, a considerable amount of the economic problem in the USA is still solved using tradition and command (think of households and government). Would it be possible or desirable for the market to completely solve the economic problem, e.g., extend to the areas where tradition and command still play out? Why or why not?
(My bias is to lean towards Free Market (Milton Friedman), but recognize the need for regulations, ethics supported by a rule of law, and modest fiscal policy generated by government for the common good (John Keynes). I do believe that the Federal Reserve has created too many restrictions on the advancement of free markets with their tight control of interest rates. Also, Congress via Dodd Frank legislation has inhibited community banks from fueling the growth of small businesses which is the baseline of capitalism).
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Added on 23.04.2016 14:22
For a source use: The Making of Economic Society (13th Edition) by Robert L. Heilbroner and William Milberg. When quoting a source directly, indicate the reference with in-text citations; e.g. ((Heilbroner 2012, 177).
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