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This collection of Lachmann's essays outline his approach to economics and, in particular, his emphasis on the meaning of human institutions in a world of unpredictable change, rather than on quantitative and stable relations.
In a capitalist system, consumers, investors, and corporations orient their activities toward a future that contains opportunities and risks. How actors assess uncertainty is a problem that economists have tried to solve through general equilibrium and rational expectations theory. Powerful as these analytical tools are, they underestimate the future’s unknowability by assuming that markets, in the aggregate, correctly forecast what is to come. Jens Beckert adds a new chapter to the theory of capitalism by demonstrating how fictional expectations drive modern economies—or throw them into crisis when the imagined futures fail to materialize. Collectively held images of how the future will unfold are critical because they free economic actors from paralyzing doubt, enabling them to commit resources and coordinate decisions even if those expectations prove inaccurate. Beckert distinguishes fictional expectations from performativity theory, which holds that predictions tend to become self-fulfilling prophecies. Economic forecasts are important not because they produce the futures they envision but because they create the expectations that generate economic activity in the first place. Actors pursue money, investments, innovations, and consumption only if they believe the objects obtained through market exchanges will retain value. We accept money because we believe in its future purchasing power. We accept the risk of capital investments and innovation because we expect profit. And we purchase consumer goods based on dreams of satisfaction. As Imagined Futures shows, those who ignore the role of real uncertainty and fictional expectations in market dynamics misunderstand the nature of capitalism.
The SAGE Handbook of Organizational Institutionalism brings together extensive coverage of aspects of Institutional Theory and an array of top academic contributors. Now in its Second Edition, the book has been thoroughly revised and reorganised, with all chapters updated to maintain a mix of theory, how to conduct institutional organizational analysis, and contemporary empirical work. New chapters on Translation, Networks and Institutional Pluralism are included to reflect new directions in the field. The Second Edition has also been reorganized into six parts: Part One: Beginnings (Foundations) Part Two: Organizations and their Contexts Part Three: Institutional Processes Part Four: Conversations Part Five: Consequences Part Six: Reflections
Tackles one of the most enduring and contentious issues of positive political economy: common pool resource management.
This book contains a series of essays and empirical case studies exploring the nature of institutional work.
Creating a clear, analytical framework, this comprehensive exploration of the relationship between institutional theory and the study of organizations continues to reflect the richness and diversity of institutional thought—viewed both historically and as a contemporary, ongoing field of study. Drawing on the insights of cultural and organizational sociologists, institutional economists, social and cognitive psychologists, political scientists, and management theorists, the book reviews and integrates the most important recent developments in this rapidly evolving field, and strengthens and elaborates the author’s widely accepted "pillars" framework, which supports research and theory construction. By exploring the differences as well as the underlying commonalities of institutional theories, the book presents a cohesive view of the many flavors and colors of institutionalism. Finally, the book evaluates and clarifies developments in both theory and research while identifying future research directions.