Why the "Economy Is an Engine" Metaphor is So Wrong

By Brian Balfour

Is the economy “overheating,” or is it “humming” along smoothly? Should the Federal Reserve “prime the pump” to spur investment, or “pump the brakes?”

Such questions of course use an engine metaphor to describe the economy. But why?

In fact, the economy is more like a complex ecosystem rather than an engine or machine.

Indeed, a machine is consciously designed to accomplish one main purpose, and its parts fitted together to achieve that objective.

The economy, in contrast, is comp...