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book: Do Economists Make Markets?
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Do Economists Make Markets?

On the Performativity of Economics
  • Herausgegeben von: , und
Sprache: Englisch
Veröffentlicht/Copyright: 2020

Über dieses Buch

Around the globe, economists affect markets by saying what markets are doing, what they should do, and what they will do. Increasingly, experimental economists are even designing real-world markets. But, despite these facts, economists are still largely thought of as scientists who merely observe markets from the outside, like astronomers look at the stars. Do Economists Make Markets? boldly challenges this view. It is the first book dedicated to the controversial question of whether economics is performative--of whether, in some cases, economics actually produces the phenomena it analyzes.


The book's case studies--including financial derivatives markets, telecommunications-frequency auctions, and individual transferable quotas in fisheries--give substance to the notion of the performativity of economics in an accessible, nontechnical way. Some chapters defend the notion; others attack it vigorously. The book ends with an extended chapter in which Michel Callon, the idea's main formulator, reflects upon the debate and asks what it means to say economics is performative.


The book's insights and strong claims about the ways economics is entangled with the markets it studies should interest--and provoke--economic sociologists, economists, and other social scientists.


In addition to the editors and Callon, the contributors include Marie-France Garcia-Parpet, Francesco Guala, Emmanuel Didier, Philip Mirowski, Edward Nik-Khah, Petter Holm, Vincent-Antonin Lépinay, and Timothy Mitchell.

Information zu Autoren / Herausgebern

Donald MacKenzie is a professor of sociology at the University of Edinburgh. His most recent book is An Engine, Not a Camera: How Financial Models Shape Markets. Fabian Muniesa is a researcher and teacher at the École des Mines de Paris and a member of the Centre de Sociologie de l'Innovation. Lucia Siu is a teaching fellow at Hong Kong's Lingnan University.

Rezensionen

"In short, what MacKenzie presents is some of the best evidence we have got for the self-realizing potential of economic theory as a phenomenon that relies on certain benign conditions being met for the self-realization to take hold."---Matthias Klaes, Journal of Economics and Philosophy --- "In short, this is a strong volume about an emergent academic subdiscipline. Part of its strength comes from incorporating some of its toughest critics."---Saskia Sassen, American Journal of Sociology --- "The book should interest anyone studying the nuts and bolts of the workings of markets."---James G. Devine, Science & Society --- "For those who are already interested in the performativity of economics, this volume gathers some already familiar contributions, but will still constitute an obligatory point of passage. For those who, finally, are broadly interested in new ways to analyse the shaping of markets, this volume represents a challenging research programme worth taking seriously."---Claes-Fredrick Helgesson, Organization Studies --- "A highly stimulating volume. . . . Many investors will be surprised to discover the breadth of intellectual interest in the markets they troll for profits."---Martin S. Fridson, Financial Analysts Journal --- "MacKenzie . . . skillfully describes the history of the financial derivatives market, claiming that the economists caused trader behavior to conform more closely to the model. . . . The volume is an excellent introduction to the debate over performativity and will appeal to a broad set of social scientists."---W. J. Polley, Choice

Fachgebiete

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    Frontmatter

    i
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    Contents

    v
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    List of Illustrations, Boxes, and Tables

    vii
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    Acknowledgments

    ix
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    Chapter 1. Introduction

    1
    Donald MacKenzie, Fabian Muniesa und Lucia Siu
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    Chapter 2. The Social Construction of a Perfect Market: The Strawberry Auction at Fontaines-en-Sologne

    20
    Marie-France Garcia-Parpet
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    Chapter 3. Is Economics Performative? Option Theory and the Construction of Derivatives Markets

    54
    Donald MacKenzie
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    Chapter 4. Decoding Finance: Articulation and Liquidity around a Trading Room

    87
    Vincent-Antonin Lépinay
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    Chapter 5. How to Do Things with Experimental Economics

    128
    Francesco Guala
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    Chapter 6. Economic Experiments and the Construction of Markets

    163
    Fabian Muniesa und Michel Callon
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    Chapter 7. Markets Made Flesh: Performativity, and a Problem in Science Studies, Augmented with Consideration of the FCC Auctions

    190
    Philip Mirowski und Edward Nik-Khah
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    Chapter 8. Which Way Is Up on Callon?

    225
    Petter Holm
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    Chapter 9. The Properties of Markets

    244
    Timothy Mitchell
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    Chapter 10. Do Statistics “Perform” the Economy?

    276
    Emmanuel Didier
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    Chapter 11. What Does It Mean to Say That Economics Is Performative?

    311
    Michel Callon
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    List of Contributors

    358
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    Index

    363
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Informationen zur Veröffentlichung
Seiten und Bilder/Illustrationen im Buch
eBook veröffentlicht am:
24. August 2020
eBook ISBN:
9780691214665
Seiten und Bilder/Illustrationen im Buch
Inhalt anzeigen
https://doi.org/10.1515/9780691214665
eBook ISBN: 9780691214665
Schlagwörter für dieses Buch
Economics; Performativity; Experimental economics; Economist; Market (economics); Auction; Economy; Supply (economics); Calculation; Social science; Commodity; Statistic; Michel Callon; Market price; Neoclassical economics; Sociology; Competition; Theory; Explanation; Behavioral economics; Investor; Actor–network theory; Consideration; Technology; Trading room; Homo economicus; Pricing; Experiment; Consumer; Institution; Bidding; Market participant; Science studies; Suggestion; Market mechanism; Spectrum auction; Scientist; Finance; Criticism; General equilibrium theory; Market liquidity; Research program; Derivative (finance); Prediction; Requirement; Account (accountancy); Capitalism; Merton Model; Efficient-market hypothesis; Statistician; Economic Life; Supply and demand; Questionnaire; Mathematical finance; Bruno Latour; Textbook; Bribery; Economic entity; Auction theory; Economic Theory (journal); Neoliberalism; Philip Mirowski; Economic sociology; Engineering; Competitive equilibrium; Instance (computer science); Fishery; Marketing; Market maker; Share price
Zielgruppe(n) für dieses Buch
For an expert adult audience, including professional development and academic research
Heruntergeladen am 17.4.2026 von https://www.degruyterbrill.com/document/doi/10.1515/9780691214665/html
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