Today, an economist from the University of Michigan has developed a modern typology for economic systems. This new typology categorizes economies as either “state-led,” “market-led,” or “hybrid” and provides an innovative look into the various economic models in today’s world. The state-led system emphasizes public ownership of the means of production, while the market-led system relies on private ownership, and the hybrid system incorporates elements of both. This new typology could be an invaluable tool for understanding the differences in economic systems and the decisions of policy makers.

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source: Phys.org