A Metaphor, an Analogy and an Empirical Science
Amazing, gracefully or otherwise, is that metaphors and analogies are taken for realities in Cambridge macroeconomics. A Metaphor: “the Market” 1) An accounting period (T -1 , or per period) and a community (L -2 , or per area) presumed as boundary conditions 2) The quantity traded known at the end of period; prices possibly all different over the period 3) A demand curve of per-unit utilities conceived from the highest to the lowest 4) A supply curve of per-unit production costs imagined from the lowest to the highest 5) The cross point of the two curves christened “the price” → Interpretation The market (framework) is a metaphor for the sake of convenient communications by way of summing up the trade performance ex post facto with just two measures...