Do Economists Make Markets?: On the Performativity of Economics by Donald MackenzieDo Economists Make Markets?: On the Performativity of Economics by Donald Mackenzie

Do Economists Make Markets?: On the Performativity of Economics

EditorDonald Mackenzie

Paperback | July 21, 2008

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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.

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 Ko...
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Title:Do Economists Make Markets?: On the Performativity of EconomicsFormat:PaperbackDimensions:400 pagesPublished:July 21, 2008Publisher:Princeton University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0691138494

ISBN - 13:9780691138497

Reviews

Table of Contents

List of Illustrations, Boxes, and Tables vii
Acknowledgments ix
Chapter 1: Introduction by Donald MacKenzie, Fabian Muniesa, and Lucia Siu 1
Chapter 2: The Social Construction of a Perfect Market: The Strawberry Auction at Fontaines-en-Sologne by Marie-France Garcia-Parpet 20
Chapter 3: Is Economics Performative? Option Theory and the Construction of Derivatives Markets by Donald MacKenzie 54
Chapter 4: Decoding Finance: Articulation and Liquidity around a Trading Room by Vincent-Antonin Lépinay 87
Chapter 5: How to Do Things with Experimental Economics by Francesco Guala 128
Chapter 6: Economic Experiments and the Construction of Markets by Fabian Muniesa and Michel Callon 163
Chapter 7: Markets Made Flesh: Performativity, and a Problem in Science Studies, Augmented with Consideration of the FCC Auctions by Philip Mirowski and Edward Nik-Khah 190
Chapter 8: Which Way Is Up on Callon? by Petter Holm 225
Chapter 9: The Properties of Markets by Timothy Mitchell 244
Chapter 10: Do Statistics "Perform" the Economy? by Emmanuel Didier 276
Chapter 11: What Does It Mean to Say That Economics Is Performative? by Michel Callon 311
List of Contributors 358
Index 363

Editorial Reviews

"This is an absolutely terrific volume. Built on a rich and varied set of empirical studies of how economic technologies 'perform the world,' Do Economists Make Markets? establishes the 'science studies' approach to markets as a valid alternative, and in some cases as a complement, to more conventional approaches in economic sociology. It breathes new life into the study of economics by offering a stimulating account of the complex ways in which economists, economic machines, and society co-constitute one another."-Marion Fourcade, University of California, Berkeley