The concept of performativity in STS and the social studies of finance is a powerful one but I’ve also found it problematic, in at least one big way, which is establishing its validity, which has always seemed difficult to me. Sometimes it just seems like a new term for good, old-fashioned theories of constructivism1. At other times, itseems like a powerful idea but finding data that demonstrates that something is “performed” seems really, really difficult. For example, Donald Mackenzie’s case for the performativity of the BSM equation [pdf] consists of showing that (a) it was not a good predictor […]
Post Tagged with: "economics"
Philip Mirowski in a free-flowing dialogue talks a little bit about his latest research: a history of the Nobel Prize in Economics (or rather, the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel). In his capsule summary, he suggests that the Nobel Prize was instituted at a time when the Swedish Central Bank was trying to free itself of democratic accountability, and that therefore, the Prize served to legitimate the Central Bank itself as a technical rather than a political body. [The Central Bank is certainly one of the most politically puzzling institutions in modern capitalist democracies. […]