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Exchangeability and the Structure of the Economy

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Themes in Modern Macroeconomics

Abstract

The economy is partitioned into a segmented mosaic of communicating sectors comprising the ‘industrial’ structure. The structure is all-encompassing in that each member of the society belongs to one or more of these partitions. Industries include the typical industries like steel, automobile, etc. but also the less conventional industries: retirement, homekeeping, education from preschool to post-graduate, prisons, and sanitoria. Each of these industries is composed of firms; a firm is partitioned into teams and each worker belongs to one or more teams.

Comments and suggestions by participants in the macroeconomic workshop at Aalborg University were very helpful. My debt to H. Brink and K. Velupillai for their help and encouragement is large. I also acknowledge the financial and intellectual support of the Hoover Institution.

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Authors
  1. John McCall
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Editor information

Editors and Affiliations

  1. University of Aalborg, Denmark

    Helge Brink (Professor of Economics) (Professor of Economics)

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© 1992 Helge Brink

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McCall, J. (1992). Exchangeability and the Structure of the Economy. In: Brink, H. (eds) Themes in Modern Macroeconomics. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-12511-1_4

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