Metaphor in Austrian Economics

[eliotn]

I realize that metaphor is used in Austrian Economics/on the forums. Here are a couple of examples. Feel free to comment or add your own, or discuss the relevant role of metaphor in the profession.

Trolling - A derogitory term used on the forum to describe someone who is behaving badly on the forums. THESE PEOPLE ARE NOT LITERAL TROLLS. They do not guard bridges, waiting for a fee. They do not regenerate unless they are attacked by fire. I think the metaphor started by “trolling the depths”.

Value scale - It always seemed weird, when I read Man, Economy, and State, that Rothbard would portray humans as having a big honkin huge value scale. I wondered, is that how I think? Now, I realize that its just a metaphor. He was trying to use the concept of a scale to introduce the concept that someone prefers X state of affairs to Y state of affairs, that they would rather have things go one way rather than the other. Humans usually don’t construct a value scale in their mind; the value scales that Rothbard shows are simply used to help illustrate what human action is similar to.

bubble - the housing bubble is not a bubble. Rather, bubble is used to help the layman understand that the state of affairs cannot go on forever, like a bubble. There is other symbolism in the fact that bubbles expand when blown up, and it is harder for the bigger bubbles to sustain themselves.

Supply and Demand - The word Demand is a metaphor. People do not demand a sandwich, violently, when they want one, they transact with others or produce it themselves to get one.

TAXATION IS THEFT - This is not a literal equation, as some critics claim it means. The taxman does not sneak around and take valuables from the house. He does not literally point a gun at your head and threaten to pull the trigger if you don’t pay up. Rather, this is used to show that both of these actions violate the rights of the person being stolen from, both of them are wrong, and both should be stopped.

Austrian Economics - This is not how Economics is done in Austria (although one can hope). Rather, this metaphorical name originated from the fact that some economists that contributed to this school of thought (Ludwig Von Mises, Hayek) were from Austria.

[nirgrahamUK]

taxation is theft should be dropped from the list since its true and not a metaphor.

theft is the coercive seizure of goods. you might only criticize it by saying it does not accurately distinguish between grudging and willing taxpayers. since if they are willing its not theft, and if the grudgingly pay or dont pay and get prisoned and killed its theft. but not a metaphor.

more metaphors…

bull and bear markets, obvious eh?

capital flight.. your investments and tools dont grow wings (although airline jets are examples of the flying kind of capital flight)

central bank , not a bank thats in the middle

‘easy money’ is not money that is less challenging than…

‘infant industries’ are not industries that wear diapers

[Nitroadict]

@eliotn

Trolling - A derogitory term used on the forum to describe someone who is behaving badly on the forums. THESE PEOPLE ARE NOT LITERAL TROLLS. They do not guard bridges, waiting for a fee. They do not regenerate unless they are attacked by fire. I think the metaphor started by “trolling the depths”.

You’re doing it wrong; see internet slang (http://www.urbandictionary.com/define.php?term=trolling).

Ignore the votes for the 1st definition, however, as that is the current “trend” of abuse in this term (of which, I agree with you if you are implying the phrase “trolling” is being used too frequently, but it applies to the internet in general, not just here)

Trolling is the act of purposefully antagonizing other people on the internet, generally on message boards.

Trolling includes:

-batting people to flame at you
-putting the forum down and encouraging people to leave.
-flaming
-spamming
-using several identities on a board to support your own arguments / stage pretend arguments
-generally being a dick on a power trip.

[hayekianxyz]

@eliotn

Austrian Economics - This is not how Economics is done in Austria (although one can hope). Rather, this metaphorical name originated from the fact that some economists that contributed to this school of thought (Ludwig Von Mises, Hayek) were from Austria.

That’s not a metaphor.

@eliotn

Value scale - It always seemed weird, when I read Man, Economy, and State, that Rothbard would portray humans as having a big honkin huge value scale. I wondered, is that how I think? Now, I realize that its just a metaphor. He was trying to use the concept of a scale to introduce the concept that someone prefers X state of affairs to Y state of affairs, that they would rather have things go one way rather than the other. Humans usually don’t construct a value scale in their mind; the value scales that Rothbard shows are simply used to help illustrate what human action is similar to.

The fact that humans do not make explicit their value scale, or are not even aware of them does not mean human’s do not in fact hold them, just that they can only be determined through action.

[eliotn]

@GilesStratton

That’s not a metaphor.

Point taken.

@GilesStratton

The fact that humans do not make explicit their value scale, or are not even aware of them does not mean human’s do not in fact hold them, just that they can only be determined through action.

But the “scale” isn’t literal, is it?

[eliotn]

@Nitroadict

You’re doing it wrong; see internet slang (http://www.urbandictionary.com/define.php?term=trolling).

I will also take that into account. I am still learning.

[eliotn]

@nirgrahamUK

taxation is theft should be dropped from the list since its true and not a metaphor.

theft is the coercive seizure of goods. you might only criticize it by saying it does not accurately distinguish between grudging and willing taxpayers. since if they are willing its not theft, and if the grudgingly pay or dont pay and get prisoned and killed its theft. but not a metaphor.

The reason I include that as a metaphor is because most in this culture do not use that definition, but rather see theivery as a robber in a black mask, etc.

In that case, taxation=theft is a metaphor.

[DougM]

Taxation is extortion might be more accurate. Here is the definition of extortion from the Law Encyclopedia:

“The obtaining of property from another induced by wrongful use of actual or threatened force, violence, or fear, or under color of official right.”

Another metaphor is that the Fed “prints” money “out of thin air.”