11 ms·

They are synonyms. The field of economics (the only field that could legitimately claim to give exact definitions to these terms) uses them interchangeably, an

They are synonyms. The field of economics (the only field that could legitimately claim to give exact definitions to these terms) uses them interchangeably, and tends not to care about classification or exact verbal definitions, but rather focuses on the implications of various mathematical models. If there is ambiguity in a verbal definition, it can be clarified by writing down a mathematical model, not by endless debates about the meaning of words or classification of the economies of different nations.

cromulent 11y ago
My experience of economics as a social science is the opposite - that it does not relate specifically to mathematical models. For example, the distinction between a mixed economy and pure capitalism is very clear.
- JesperRavn 11y ago
  In my experience (Economics PhD) the term "command economy" is used to describe a theoretical extreme where the government dictates all consumption and production decisions, while "free market", unqualified, refers to the situation where the government only enforces property rights. "Pure capitalism" would be a synonym for "free market" although it's rarely used academically, I guess because the term capitalism is a lot less descriptive that "free market". Terms like "mixed economy" just refer to somewhere in between these two extremes. As I said, economists are not particularly interested in giving things accurate names, or classifying them. They mighty do this occasionally, as is necessary especially when communicating with people outside the field, but the field itself relies mainly on mathematical models, not sociological categories. That is why I feel the need to correct someone who, speaking with an authoritative tone, claims to know that "free market" and "capitalism" have precise and different meanings.
  - cromulent 11y ago
    Hmm... "the field itself relies mainly on mathematical models, not sociological categories" - I'll have to disagree. Especially with behavioural economics. I also disagree that free markets are the same thing as capitalism, as does Benjamin Tucker.
    - JesperRavn 11y ago
      >I also disagree that free markets are the same thing as capitalism, as does Benjamin Tucker. Please never phrase your opinion like this ever again. Whatever interest I had in knowing what Benjamin Tucker said about this issue, I've lost due to your smugly phrased sentence.
      - cromulent 11y ago
        I guess you are not open to more information about economics then. You may be surprised on how smug and condescending your own comments appear :)
        JesperRavn 11y ago
        I would be more than happy to hear more information, if only you would provide some. I have no idea who Benjamin Tucker was and how he is relevant. Even though I claim to speak with authority because of my PhD, I don't consider that condescending or smug, and a person is free to judge that my education is worthless if they like. But throwing out names of very obscure people in place of an actual argument is objectively smug and rude.
        cromulent 11y ago
        You are now making me laugh :D

cromulent 11y ago

My experience of economics as a social science is the opposite - that it does not relate specifically to mathematical models. For example, the distinction between a mixed economy and pure capitalism is very clear.

JesperRavn 11y ago
In my experience (Economics PhD) the term "command economy" is used to describe a theoretical extreme where the government dictates all consumption and production decisions, while "free market", unqualified, refers to the situation where the government only enforces property rights. "Pure capitalism" would be a synonym for "free market" although it's rarely used academically, I guess because the term capitalism is a lot less descriptive that "free market". Terms like "mixed economy" just refer to somewhere in between these two extremes. As I said, economists are not particularly interested in giving things accurate names, or classifying them. They mighty do this occasionally, as is necessary especially when communicating with people outside the field, but the field itself relies mainly on mathematical models, not sociological categories. That is why I feel the need to correct someone who, speaking with an authoritative tone, claims to know that "free market" and "capitalism" have precise and different meanings.
- cromulent 11y ago
  Hmm... "the field itself relies mainly on mathematical models, not sociological categories" - I'll have to disagree. Especially with behavioural economics. I also disagree that free markets are the same thing as capitalism, as does Benjamin Tucker.
  - JesperRavn 11y ago
    >I also disagree that free markets are the same thing as capitalism, as does Benjamin Tucker. Please never phrase your opinion like this ever again. Whatever interest I had in knowing what Benjamin Tucker said about this issue, I've lost due to your smugly phrased sentence.
    - cromulent 11y ago
      I guess you are not open to more information about economics then. You may be surprised on how smug and condescending your own comments appear :)
      - JesperRavn 11y ago
        I would be more than happy to hear more information, if only you would provide some. I have no idea who Benjamin Tucker was and how he is relevant. Even though I claim to speak with authority because of my PhD, I don't consider that condescending or smug, and a person is free to judge that my education is worthless if they like. But throwing out names of very obscure people in place of an actual argument is objectively smug and rude.
        cromulent 11y ago
        You are now making me laugh :D