Market conversations do not merely transmit information but perform the economic action itself

Evidence

Traders perform market transactions through conversations, as they themselves call their global interactions, and the important point is that these sequences of utterances do not just convey information but perform economic actions. A condition for the emergence of response-presence–based social forms, which are not “chat clubs” separated from the conduct of business but include these affairs, would seem to be that the transactions that compose the domain are performative (i.e., action performing, see Austin 1962) but dematerialized, which means that they can be accomplished symbolically through, for example, communication structures such as those identified with microsocial situations. — Karin Knorr Cetina & Urs Bruegger, Global Microstructures, 29

Categorization

• XREF: Echoes speech-act theory (Austin) and connects to ethnographies of traders-as-performers in market microsociology. — connects to: A market model can shape markets actively rather than merely describing them — Donald MacKenzie, An Engine, Not a Camera: How Financial…, 1165; Prices generate as well as transmit information through the market. — Dieter Plehwe, Quinn Slobodian & Philip Mirowski (eds.), Nine Lives of Neoliberalism, 68; Financial economics actively alters markets rather than merely describing them — Donald MacKenzie, An Engine, Not a Camera: How Financial…, 64 (+6 more)
• DEFINE: Defines ‘performative but dematerialized’ transactions as the core condition for response-presence-based social forms in markets.

Related

• Market conversations do not convey information but perform trades. (similarity 0.92)
• Conversation itself is the instrument of global interbank exchange. (similarity 0.82)
• Aggregate market outcomes cannot be inferred directly from traders’ deal-making rationales. (similarity 0.81)
• Markets operate as processual social systems shaped by trader practice, knowledge, and globality (similarity 0.80)
• A market model can shape markets actively rather than merely describing them (similarity 0.79)
• Finance theory shapes markets through the linguistic infrastructure it provides practitioners (similarity 0.78)
• Economics influenced markets through personal networks, not impersonal persuasion alone. (similarity 0.78)

Broader Connections

• Economics actively shapes the economy rather than merely describing it #corroborates (0.90) — Philip Mirowski & Dieter Plehwe (eds.), The Road from Mont Pèlerin, 1987
• A market model can shape markets actively rather than merely describing them #corroborates (0.85) — Donald MacKenzie, An Engine, Not a Camera, 1165
• Financial economics actively alters markets rather than merely describing them #exemplifies (0.85) — Donald MacKenzie, An Engine, Not a Camera, 64
• Finance theory shapes markets through the linguistic infrastructure it provides practitioners #exemplifies (0.80) — Donald MacKenzie, An Engine, Not a Camera, 1128
• Markets can be performatively constructed by agents who are not atomistic homo economicus #corroborates (0.80) — Donald MacKenzie & Yuval Millo, Constructing a Market, Performing Theory, 25
• Prices generate as well as transmit information through the market. #expands (0.75) — Dieter Plehwe, Quinn Slobodian & Philip Mirowski (eds.), Nine Lives of Neoliberalism, 68