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Exploring the social and political foundations of modern economies

The Max Planck Institute for the Study of Societies conducts basic research on the governance of modern societies. It aims to develop an empirically based theory of the social and political foundations of modern economies by investigating the interrelation between economic, social and political action. Using primarily an institutional approach, it examines how markets and business organizations are embedded in historical, institutional, political and cultural frameworks, how they develop, and how their social contexts change over time. The institute seeks to build a bridge between theory and policy and to contribute to political debate on major challenges facing modern societies.
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SASE Meeting in Berkeley

Visit the MPIfG book stand
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Language Editor and Translator

for academic publications

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How fictional expectations drive modern economies - or throw them into crisis

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. With his recent study, 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. Book launch on July 13 with contributions by Francesco Boldizzoni, Arndt Sorge, and Wolfgang Streeck.
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MPIfG - Homepage | http://www.mpifg.de/index_en.asp [Last updated 2016-06-24 11:52]