Metaphors for the Economy
By David Henderson
A much more accurate metaphor for the economy is an ecosystem. We are simultaneously independent and interdependent. We can no more fix an economy than we can fix a rainforest or a coral reef. At best, we can leave it alone. Such is not the faith of a “market fundamentalist,” but the implication of a tradition informed by evolutionary thinking, the science of complexity and self-organizing systems.
Is the machine a good metaphor for the economy? Absolutely not, says our Econlib Feature Article author Max Borders. Read why.
Note: I’ve been at my cottage in Canada since July 28. I expected to have internet connectivity sooner but it took a while to find. I’ll be posting most days while I’m away.