This is the MONIAC computer:
http://en.wikipedia.org/wiki/MONIAC_Computer
Here's a video of it doing... eh... well... doing something cool:
http://www.youtube.com/watch?v=XqPtW40w1no
The MONIAC works by using "fluid logic" - that's right folks, you heard it here first: "fluid logic". This "fluid logic" then displays the workings of an economy with cool flashy colours and bulbs and the like. Note that this wasn't cooked up by a crackpot with a sieve on his head in a tinfoil lined shed - this was commissioned by the LSE!!!
Now take a look at this "air loom":
http://en.wikipedia.org/wiki/File:Airloom.gif
The "air loom" is the invention of one James Tilly Matthews who, after making a not insignificant contribution to the French Revolution, returned to England where he was confined to Bedlam Mental Hospital. Tilly Matthews (an interesting figure: http://en.wikipedia.org/wiki/James_Tilly_Matthews) was the first ever documented case of paranoid schizophrenia (what didn't this guy do?).
His "air loom" was run on principles of "pneumatic chemistry" - apparently they didn't have access to "fluid logic" in those days. It was used to probe Tilly Matthews and other government officials' "magnetic fluids" which resulted in various symptoms such as "lobster cracking". Tilly Matthews amazing creation was run off a variety of ingredients such as "effluvia of dog" and "gaz from the anus of the horse" - gases, mainly (as I said they didn't have access to "fluid logic" technology in those days).
(Tilly Matthews Air Loom was recently constructed, I'd love to see the real thing, I'd definitely bring my effluvia of dog! http://www.theairloom.org/)
So what's my point? Well, I'm not accusing the economists of being paranoid schizophrenic, but the logic operating here (be it "fluid" or not) is remarkably similar. These "influencing machines" are a common theme in paranoid schizophrenia (http://en.wikipedia.org/wiki/Influencing_machine) and as all the shrinks among you will know: that which exists manifestly in psychosis can be assumed to be latently/unconsciously present among the sort-of-sane.
The reasoning is almost identical. We've all heard the term "reification" - but this is ridiculous!
***NB. Just to get it straight; when I wrote "Philip Mirowski - Social Physicist" I was being ironic... really ironic...