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The Nature of Economics by Heilbroner: Relevance of Economics in Society
In his article, The Nature of Economics, Heilbroner (1995) discusses the purpose and relevance of economics in contemporary society. While acknowledging his views could be contentious to many readers, he underscores that economics is concerned exclusively with the study of capitalism (Heilbroner, 1995, p.22). This aspect leaves out 99% of the worlds human history, mostly gathering and hunting. Furthermore, the article highlights that economics is inapplicable to the remaining 1%, mainly non-capitalist structures, including feudalities, empires, self-styled socialisms, command societies, and kingdoms. Heilbroners claims refute neoclassical economists assertions that economics is overtly entangled with other social disciplines.
The author acknowledges that the definition of capitalism is tripartite. Its hallmark is the Marxist approach, in which Carl Marx calls capitalism the link that connects various transactions (a process) to expand the exchange value (Heilbroner, 1995). The other aspect is the market mechanism, which Heilbroner refers to as the network that controls exchange channels through customs and laws. The third definition factor is political, defining capitalism as a vertical and horizontal structure. Heilbroner notes that the horizontal order deals with informal arrangements such as the traditional social status of various occupations and familial systems. However, the vertical component focuses on formal political power and the possession of or lack of capital.
As Heilbroner (1995) writes, one has to study capitalist countries such as Germany, Japan, or the U.S. to understand capitalism. According to the author, these capitalist nations functioned without a central command that could coordinate production. But despite the lack of traditional force, the goods and services provided matched the dynamic demands of consumers. Heilbroner concludes that market legitimization constrains political power. However, both have to work together to drive production, albeit the imperative but irrational properties of modern society.
References
Heilbroner, R. (1995). The Nature of Economics. Challenge, 38(1), 22-26.
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