The ArgumentWhen economists report on research using mathematical models, they use a literary form similar to the experimental report in the laboratory sciences. This form consists of a narrative of a series of events, with a clear temporal segregation of the agency of the author and the agency of the objects of study. Existing explanations of this literary form treat it as a rhetorical device that either conceals the agency of the author in constructing and interpreting the findings, or simply (...) appropriates the appearance of accepted scientific method. This article — based on analysis of a research program in economics, a single article that issued from that program, and in-depth interviews with the authors — proposes an alternate interpretation. Drawing on the praxeological “laboratory studies” tradition in science studies, we treat work with mathematical models as involving the interaction of economists with objects that act independently of the analyst's will. The clear separation of the economist's and the models agency, as depicted in the published report, is not the result of a rhetorical rewriting of actual events, but is a practical accomplishment. Every step in the analytical work that preceded the paper is devoted to developing a procedure in which the economists' agency will be completely accountable in terms of accepted practices, and the performance of the model will be distinct and compelling. (shrink)

The “embeddedness” of economic life in social relations has become a productive analytical principle and the basis of a penetrating critique of economic orthodoxy. But this critique raises another important, social and historical question, of how the economy became “disembedded” in the first place – how the multitude of transactions designated (somewhat arbitrarily) as economic were abstracted from the rest of social life and reconstituted as an object, the economy, which behaves according to its own logic. This article investigates the (...) social sources of some innovations in economic thought that contributed to the emergence of the economy, particularly statistical indicators and mechanical models. By examining the redefinitions of the object of economic research developed by Irving Fisher and Wesley Mitchell in the 1890s and the first decades of the twentieth century, I argue that the abstraction of the economy from the remainder of social life was a strategy linked to the position of these innovators within the field of economics, conceived as a social structure. Possessing a specialized scientific cultural capital, but lacking upper class background, contacts, and dispositions that characterized the founders of academic economics, Fisher and Mitchell elaborated new definitions of their discipline's object of study, and a new type of economic expertise. (shrink)