Feb 7, 2011

Economists, without knowing it, are in the business of creating (un)poetic metaphors

I have been following James Geary's aphorisms blog since seeing his TED Talk on metaphors, which has become one of my favorites.

His latest post is about metaphors in economics, and it includes these two lovely quotes:

Perhaps it's the economists who can learn the most from poets about precision and efficiency, about objectivity and maximization—the virtues, in other words, of value-free science.

The most important example of economic rhetoric is metaphor. Economists call them "models". To say that markets can be represented by supply and demand "curves" is no less a metaphor than to say that the west wind is "the breath of autumn's being."

The former comes from Stephen Ziliak's short essay Money, metaphor, and the invisible hand, and the latter comes from Deirdre McCloskey's The Rhetoric of Economics.