Let me quote something from my review of _Do Economists Make Markets? On the Performativity of Economics_, edited by Donald MacKenzie, Fabian Muniesa, and Lucia Siu, eds. Princeton, NJ: Princeton U.P. 2007. $60.00 Pp. viii, 373. (published in Science & Society. 72(4) October 2008, pp. 504-7.) MacKenzie had a chapter which seems to have become part of the book under discussion.
“Donald MacKenzie lucidly shows how the Black-Scholes options market model initially made the market behave more like that model [and so was “performative” in this book's jargon] …. Economics may make history – but not exactly as economists please: MacKenzie shows that after [the] 1987 [crash], Black-Scholes was “counterperformative”: it made the market operate less like that model.” -- Jim Devine / If you're going to support the lesser of two evils, you should at least know the nature of that evil. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
