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I agree that there are many, perhaps infinitely describable markets and  
for any model to be at all useful the particular application must be  
clearly stated.   That is of course unless the model purports to be some  
unifying general theory of all economic activity, but whether any such  
thing can exist is way beyond my level of understanding.   
 
The thing that would be confusing for me in equating "the market" and  
the economy is that I understand markets to be transactional, exchange  
environments in which prices are explicit.  In any transaction price =  
value and that can be abstracted or aggregated to "market value."  But I  
understand the "economy" to include non-market goods for which  
there are not generally transactions or explicit prices.  But consumers  
and producers and governments must make decisions about the  
"value" of those non-market goods.   
 
Scott Cullen 
 
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