The paper consists of an investigation of Donald McCloskey’s proposition that economic journals contain both metaphors and allegory. The first section consists of a definition of allegory where it is shown that the defining trait of allegory is that it can be read on two levels, the...

In a world dominated by large economies with flexible exchange rates and predictable market forces, quantities of currencies bought and sold would warrant very little attention. Models illustrating and explaining foreign exchange markets would focus almost exclusively on prices, i.e. exchange...