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Introduction to Do Economists Make Markets? On the Performativity of Economics

In: Do Economists Make Markets? On the Performativity of Economics

Contents:

Author Info

  • Donald MacKenzie

    (University of Edinburgh)

  • Fabian Muniesa

    (École des Mines de Paris, Centre de Sociologie de l'Innovation)

  • Lucia Siu

    (University of Edinburgh)

Abstract

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.

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Bibliographic Info

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This chapter was published in: Donald MacKenzie & Fabian Muniesa & Lucia Siu (ed.) Do Economists Make Markets? On the Performativity of Economics, , pages , 2007.

This item is provided by Princeton University Press in its series Introductory Chapters with number 8442-1.

Handle: RePEc:pup:chapts:8442-1

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Web page: http://press.princeton.edu

Related research

Keywords: markets; performativity; financial derivatives; telecommunications auctions; transferable quotas;

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Cited by:
  1. Roberts, John & Jones, Megan, 2009. "Accounting for self interest in the credit crisis," Accounting, Organizations and Society, Elsevier, vol. 34(6-7), pages 856-867, August.
  2. Alaric Bourgoin & Fabian Muniesa, 2012. "Making a consultancy slideshow 'rock solid': a study of pragmatic efficacy," CSI Working Papers Series 027, Centre de Sociologie de l'Innovation (CSI), Mines ParisTech.
  3. Yahya Madra & Fikret Adaman, 2013. "Neoliberal reason and its forms:Depoliticization through economization," Working Papers 2013/07, Bogazici University, Department of Economics.
  4. Jamie Morgan & Ioana Negru, 2012. "The Austrian perspective on the global financial crisis: a critique," Economic Issues Journal Articles, Economic Issues, vol. 17(2), pages 27-55, September.
  5. Andriani, Pierpaolo & Herrmann-Pillath, Carsten, 2011. "Performing comparative advantage: The case of the global coffee business," Frankfurt School - Working Paper Series 167, Frankfurt School of Finance and Management.

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