Two extremes can be envisaged. In an extreme case, each production is done by a single individual, such as a person making a car. In this way, the person is going to trade with a lot of intermediate goods suppliers, and also to trade with the demanders of their products. In this case, all transactions are conducted through the market in many individuals. In another extreme cases, all the production in the economy in a large enterprise, such as the complete car was produced in the enterprise interior, don't need to make any intermediate products trading market. Therefore, the same transaction can be conducted either through the organizational form of the market or through the organizational form of the enterprise. Companies exist, or companies and markets coexist, because some transactions cost less in the enterprise, while others cost less in the market. In the face of market failure, coase has given the opposite answer: external-utility problems can be solved by explicitly using the market, without government intervention. And zhang wuchang is more absolute, he said that there is no so-called external utility, there is only unclear property rights. Anyway, coase brought revolutionary innovation to market concepts. He made it clear that the key to the market was not the "price mechanism" of impersonal machinery, but the power of participants in economic activity. In the late 19th and early 20th century, with the transition from free capitalism to monopoly capitalism, the factory itself had undergone complex and profound changes. Constantly adopt new technology to make the production rapid development; The scale of production keeps expanding, competition intensifies, and a large-scale monopoly enterprise is produced. The separation of rights and ownership and the formation of a professional management stratum; The scientific management system has been established, and a series of scientific management theories have been formed to make the enterprises mature and become modern enterprises. So what are these three factors? They are Cost-Per-Click's (CPC's); which is the sum of money Google pays in the market to a publisher after their ads are clicked by way of a visitor. Click-Through-Rates (CTR's); which is a percentage figure showing frequent AdSense ads are clicked divided by the quantity of unique visitors passing by having a particular site and also the third essential factor is traffic levels. As hicks income concept did not specify what is called "equal wealth", and thus the income concept formed the basis of many debates concept, and the theory of accounting earnings, especially the capital preservation theory has a great influence. In accounting, people used to call "maintaining the same level of affluence" as capital preservation. Some would say that the central bank's way of ensuring independence is to abandon macroprudential policies and micro-prudential policies and to take unconventional interventions in the securities market. But the crisis is an important lesson, macroeconomic and financial policies are closely connected, when the two tasks in the same institution, management by different commission, their coordination is the most effective. And because interest rates are low and uncertain, a crisis is coming, and unconventional policies will come back. The focus of 2017 also includes making blockchain workplaces more attractive.