Exchangeability and the Structure of the Economy

John McCall

Chapter 4 in Themes in Modern Macroeconomics, 1992, pp 51-70 from Palgrave Macmillan

Abstract: 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.

Keywords: Markov Process; Business Cycle; Point Process; Queue Length; Sojourn Time (search for similar items in EconPapers)
Date: 1992
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DOI: 10.1007/978-1-349-12511-1_4

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