ECONOMISTS USED to model their systems like engineers designed refineries, with money flowing around piping, through valves, and in and out of tanks. It's a handy metaphor, but it belongs in its time. These days it might be better to update the model to our understanding (or lack of it) of quantum physics. Schrodinger's cat makes for a good model of the global economy because right now it is both alive and dead at the same time and it's going to be a while before we open the box and find the definitive answer.
展开▼
