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The Imagined Market

Donald MacKenzie: Money Games, 31 October 2002

Machine Dreams: Economics Becomes a Cyborg Science 
by Philip Mirowski.
Cambridge, 670 pp., £24.95, February 2002, 0 521 77526 4
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... discipline thus matters not just to economists but to the rest of us, whose world is being shaped. Philip Mirowski is the most stimulating, provocative present-day historian of economics. His book’s abrasive account of the processes forging economic orthodoxy over the past sixty years will annoy his orthodox colleagues, delight dissidents (except the ...

Profits Now, Costs Later

David Woodruff: Mariana Mazzucato, 22 November 2018

The Value of Everything: Making and Taking in the Global Economy 
by Mariana Mazzucato.
Allen Lane, 384 pp., £20, April 2018, 978 0 241 18881 1
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... to conceal the truth about serious and repeated sexual harassment, racist abuse and bullying’, Philip Green gave a self-congratulatory interview to the Guardian. Swaggering through his high-street stores, journalist in tow, he showed off his knowledge of the stock, his attention to product display, his grace while accepting customers’ compliments, and ...

The Blindfolded Archer

Donald MacKenzie: The stochastic dynamics of market prices, 4 August 2005

The (Mis)behaviour of Markets: A Fractal View of Risk, Ruin and Reward 
by Benoit Mandelbrot and Richard Hudson.
Profile, 328 pp., £9.99, September 2005, 1 86197 790 5
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... and ‘pictures’ rather than conventional theorems and proofs. As the historians of economics Philip Mirowski and Esther-Mirjam Sent have shown, however, it’s Mandelbrot’s relations to economics that are of greatest interest. Particularly fascinating is the way in which he was first embraced and then rejected by financial economics. The latter is ...

Who will stop them?

Owen Hatherley: The Neo-Elite, 23 October 2014

The Establishment and How They Get Away with It 
by Owen Jones.
Allen Lane, 335 pp., £16.99, September 2014, 978 1 84614 719 7
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... are responsible for growth and progress. Businesspeople are the real wealth creators.’ This, as Philip Mirowski and Richard Seymour among others have recently argued, was a ‘contradiction’ that didn’t trouble Hayek and his colleagues one iota: it was always part of the totality of their theory.* However, it was not and is not how neoliberalism is ...

One Click at a Time

Owen Hatherley, 30 June 2016

PostCapitalism: A Guide to Our Future 
by Paul Mason.
Allen Lane, 368 pp., £8.99, June 2016, 978 0 14 197529 0
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Inventing the Future: Postcapitalism and a World without Work 
by Nick Srnicek and Alex Williams.
Verso, 256 pp., £12.99, October 2015, 978 1 78478 096 8
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... got here, Srnicek and Williams – like so many recent writers, from Owen Jones to Mark Fisher to Philip Mirowski – lay great stress on the think-tanks (the Mont Pelerin Society and the like) that had their solutions ready when Keynesianism faltered in the mid-1970s. The ‘folk politics’ of Climate Camps, single-issue campaigns and localism have ...

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