Secrets hidden by two-dimensionality: The economy as a hydraulic machine

Abstract

A long-standing tradition presents economic activity in terms of the flow of fluids. This metaphor lies behind a small but influential practice of hydraulic modelling in economics. Yet turning the metaphor into a three-dimensional hydraulic model of the economic system entails making numerous and detailed commitments about the analogy between hydraulics and the economy. The most famous 3-D model in economics is probably the Phillips machine, the central object of this paper.

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Mary Morgan
London School of Economics

Citations of this work

Scientific representation.Roman Frigg & James Nguyen - 2016 - Stanford Encyclopedia of Philosophy.
A critical analysis of Markovian monism.Majid D. Beni - 2021 - Synthese 199 (3-4):6407-6427.
The turn of the valve: representing with material models.Roman Frigg & James Nguyen - 2018 - European Journal for Philosophy of Science 8 (2):205-224.
Playing with molecules.Adam Toon - 2011 - Studies in History and Philosophy of Science Part A 42 (4):580-589.

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