The Economics of Rhetoric: On Metaphors as Institutions
AbstractThe professional life of economists takes place within the boundaries of the institution of academic economics. Belonging to the institution enable economists in many ways. It provides a context wherein their contribution is meaningful. But it constrains, too, what economists are allowed to do or say. Thus, institutions both enable and constrain individual action. Metaphors do the same and are therefore, in this respect, institutions. They are place-holders to communicate our beliefs, feelings, and thoughts. So far, there is nothing wrong. This may become a problem, however, as Richard Rorty has once said, when the “happenstance of our cultural development [is] that we got stuck so long with place-holders.” In the essay we focus on the enabling and disabling roles of metaphors as institutions in the rhetoric of economics. We argue, from the perspective of economics of rhetoric, that some of the metaphors can lead us to path dependent circumstances where the performance of the metaphors is not as desirable as it was when the metaphors were first introduced. Sometimes certain metaphors undergo exaptation, and are employed with new functions. Altogether, we believe, the tools of institutional economics can be fruitfully employed to study metaphors.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 747.
Date of creation: Apr 2006
Date of revision:
Economics of rhetoric; metaphors as Institutions; path Dependence; exaptation;
Find related papers by JEL classification:
- B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Institutional; Evolutionary
- B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian
- B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
This paper has been announced in the following NEP Reports:
- NEP-ALL-2006-12-04 (All new papers)
- NEP-CBE-2006-12-04 (Cognitive & Behavioural Economics)
- NEP-HPE-2006-12-04 (History & Philosophy of Economics)
- NEP-PKE-2006-12-04 (Post Keynesian Economics)
- NEP-SOC-2006-12-04 (Social Norms & Social Capital)
- NEP-SOG-2006-12-04 (Sociology of Economics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Commons, John R., 1931. "Institutional Economics," History of Economic Thought Articles, McMaster University Archive for the History of Economic Thought, vol. 21, pages 648-657.
- Salvatore Rizzello, 2004. "Knowledge as a Path-Dependence Process," Journal of Bioeconomics, Springer, vol. 6(3), pages 255-274, 09.
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