Do Economists Make Markets?: On the Performativity of Economics

Front Cover
Donald A. MacKenzie, Professor of Sociology Donald MacKenzie, Fabian Muniesa, Lucia Siu
Princeton University Press, 2007 - Business & Economics - 373 pages
1 Review

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.

 

What people are saying - Write a review

We haven't found any reviews in the usual places.

Contents

Introduction
1
The Social Construction of a Perfect Market The Strawberry Auction at FontainesenSologne
20
Is Economics Performative? Option Theory and the Construction of Derivatives Markets
54
Decoding Finance Articulation and Liquidity around a Trading Room
87
How to Do Things with Experimental Economics
128
Economic Experiments and the Construction of Markets
163
Markets Made Flesh Performativity and a Problem in Science Studies Augmented with Consideration of the FCC Auctions
190
Which Way Is Up on Callon?
225
The Properties of Markets
244
Do Statistics Perform the Economy?
276
What Does It Mean to Say That Economics Is Performative?
311
Contributors
358
Index
363
Copyright

Other editions - View all

Common terms and phrases

References to this book

About the author (2007)

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.

Bibliographic information