----------------- HES POSTING ----------------- 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 ------------ FOOTER TO HES POSTING ------------ For information, send the message "info HES" to [log in to unmask]