[jamespitts]

Looking at the economy as a decentralized mechanism for processing information is just that, a way of looking at it. I am not saying that the model is the thing. But I do think that something like the economy can be talked about and modeled usefully, even though it does consist of something quite messy (as does the weather, etc).

Without lenses, what we see simply won't cohere.

Also I think that talking about the economy abstractly does not absolve people of responsibility. The abstraction is merely a tool to understand and model what you know. It may even help us hold people and organizations responsible when they cause damage.

For example, in the aftermath of the crisis we know that complex financial derivatives contracts created overlooked interdependency, and caused a load of unexpected information processing during the crisis. This has induced lawmakers and regulators to enforce clarity and disclosure.