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Transcending history's heavy hand: The future in economic action

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  • Beckert, Jens
  • Ergen, Timur

Abstract

This paper discusses sociological analyses of the formation and role of expectations in the economy. Recognition of the social constitution of expectations advances the understanding of economic action under conditions of uncertainty and helps to explain core features of modern capitalist societies. The range of applications of the analytical perspective is illustrated by closer examination of three core spheres of capitalist societies: consumption, investment, and innovation. To provide an idea of core challenges of the approach, three major research questions for the sociological analysis of expectations are presented.

Suggested Citation

  • Beckert, Jens & Ergen, Timur, 2020. "Transcending history's heavy hand: The future in economic action," MPIfG Discussion Paper 20/3, Max Planck Institute for the Study of Societies.
    • Handle: RePEc:zbw:mpifgd:203
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    References listed on IDEAS

    as
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    7. Chwieroth,Jeffrey M. & Walter,Andrew, 2019. "The Wealth Effect," Cambridge Books, Cambridge University Press, number 9781107153745, December.
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    More about this item

    Keywords

    action theory; economic sociology; expectations; firms; innovation; markets; social change; Erwartungen; Handlungstheorie; Innovation; Märkte; Organisationen; sozialer Wandel; Wirtschaftssoziologie;
    All these keywords.

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