Discussion about this post

User's avatar
Tom White's avatar

"Economics isn’t the world; it’s a model of the world. Often it’s pretty close to the world, sometimes not. It deals in a particular part of life. Literature is also a model, but not a model that tries to generalise. It also deals in particular parts of life. They are, in this way, complements. If literature isn’t giving Noah what he wants, that might be more of a reason for him to read it." To this I would add the aphorism "All models are wrong, but some are useful." If economics has utility, then literature surely does as well.

Expand full comment
Seth's avatar

Noah is quite wrong about Ahab. On average real people are not like Captain Ahab, for obvious reasons, but many real people are more like Captain Ahab than standard economic theory would predict.

And certainly many people have some Ishmael in them. One of the interesting parts of Moby Dick is working through what happens when an Ishmael-type agent interacts with an Ahab-type agent.

Expand full comment
30 more comments...

No posts