Modern financial markets are deliberately designed entities

Evidence

I raise the topic of the uptick rule not to express a view on its desirability, but because it is an example of a general point: the financial and other markets of high modernity are to a significant extent entities subject to deliberate design, and the details of their design are consequential. — Donald MacKenzie, An Engine, Not a Camera, 1235

Categorization

• DEFINE: Articulates the core market-design thesis: markets are engineered artifacts rather than natural phenomena.
• XREF: connects to: Market-based finance historically arose from limits on royal power — Gerald F. Davis & Suntae Kim, Financialization of the Economy, 100; Financial pricing formulas actively construct the markets they purport to measure — Max Haiven, Cultures of Financialization, 84; Financial technology deepened traders’ detachment and made finance increasingly game-like — Max Haiven, Cultures of Financialization, 331 (+12 more)

Broader Connections

• Markets are human creations amenable to redesign, not natural forces #corroborates (0.90) — Donald MacKenzie, An Engine, Not a Camera, 1237
• Market designers deliberately conflate actual markets with the abstract market #expands (0.85) — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 2275
• A market model can shape markets actively rather than merely describing them #expands (0.80) — Donald MacKenzie, An Engine, Not a Camera, 1165
• Finance theory shapes markets through the linguistic infrastructure it provides practitioners #expands (0.78) — Donald MacKenzie, An Engine, Not a Camera, 1128