A History Of Modern Banks Of Issue by Charles Arthur Conant

By Charles Arthur Conant

...With An Account Of the commercial Crises Of The 19th Century And The quandary Of 1907

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Goux 1988:15). ” Although Goux protests that he does not “maintain [that] any direct, mechanical effect” of new forms of exchange “can account The new economic criticism 14 for the emergence of the thought or concept of universal measure” (1990:93), the economic register seems for him both logically and ontologically prior. Indeed, although Goux seems to be tracing homologies, he may really be working with analogies or isomorphisms. In one place, for example, Goux writes that “the genesis of every major symbol…is isomorphic to the discrete genetic phases of the monetary form” (20–21; emphasis added).

Moving from fictional Economic Man to Harriet Martineau, a real-life female literary economist, we learn from Elaine Freedgood how Martineau sought in Illustrations of Political Economy to reassure readers of the benefits of industrial capitalism, but was unable to allay even her own anxiety about its depredations. On an even wider scale, Margueritte Murphy and Brian Cooper suggest how Jean-François Lyotard’s notion of “libidinal economy” exposes the failure of conventional economics to explain the recurrent manias or panics that plague economic Taking account of the new economic criticism: an historical introduction 21 systems, and thus lays bare an enormous blind spot in one of neoclassicalism’s privileged beliefs.

In a response that has failed to satisfy either side, McCloskey also claims that becoming aware of the constitutive or pedagogical metaphors of economics will have little effect on the practice or outcomes of economics, other than cleaning it up and making it more honest. Indeed, these reassurances suggest that McCloskey is caught between antifoundationalist impulses and a deep loyalty to University of Chicago-style economic orthodoxy. Is the issue that economists use metaphors, or that they use faulty ones?

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