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WEA Interview with Ping Chen

…the two-level model of a micro-macro economy is over-simplified for modern economies. We propose a three-level model of a micro-meso-macro economy since the finance sector and industry structure at the meso-economy level is the key to generating innova-tion, instability, business cycles, and crisis.

Power and conflicts are the price of industrialization. That is why we study political economy and social economics. If the Coase theory is valid, there would be no power, no conflicts, no war, no government, and no regulations. This is not true in the history of industrialization.

READ MORE ——PingChenInterviewWEAaug2013

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