The Technology of Analogical Models: Irving Fisher's Monetary Worlds

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Abstract
Mary Hesse's well-known work on models and analogies gives models a creative role to play in science, which rests on developing certain analogical properties considered neutral between the two fields. Case study material from Irving Fisher's work (The Purchasing Power of Money, 1911), in which he used analogies to construct models of monetary relations and the monetary system, highlights certain omissions in Hesse's account. The analysis points to the importance of taking account of the negative properties in the analogies and to certain differences between “ready-made” analogies (models of systems based on existing analogical structures) and “designed” analogies (models built up from separate analogical features).

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