Macroeconomics for a Modern Economy

摘要

The modern economy began to supplant the traditional economy in several nations in the latter half of the nineteenth century—and in many more in the latter half of the twentieth. A system where self-employment and self-finance was typical gave way to a system of companies having various business freedoms and enabling institutions. This was the "great transformation" on which historians and sociologists, as well as business commentators, were to write volumes. The modern economy, where fully adopted, has indeed been transformative for nations—but much less so for economics.rnIf there is a thread running through my publications, particularly the work discussed here, it is that I have tried in that work to bear in mind the distinctive nature of the modern economy.2 What is its nature?