Transcending History’s Heavy Hand: The Future in Economic Action

Abstract

This paper discusses sociological analyses of the formation and role of expectations in the economy. Recognition of the social constitution of expectations advances the understanding of economic action under conditions of uncertainty and helps to explain core features of modern capitalist societies. The range of applications of the analytical perspective is illustrated by closer examination of three core spheres of capitalist societies: consumption, investment, and innovation. To provide an idea of core challenges of the approach, three major research questions for the sociological analysis of expectations are presented.

Back to the Future. Sociological Perspectives on Expectations, Aspirations and Imagined Futures

“…also Sewell Jr 2008]. In this vein, exploring the role of uncertain futures for capitalist dynamics has become a crucial concern for economic sociology [Beckert and Bronk 2018; 2021; Ergen 2018; Esposito 2013; Suckert 2021; Tellmann 2016; Wenzel et al 2020; cf. also Beckert and Ergen 2021].…”

“…This is particularly true for "the sociology of expectations" [Van Lente 2012], a research strand that emerged in close proximity to Science and Technology Studies (STS) and the study of technological innovations; it also holds for perspectives from economic sociology, particularly on financialization [cf. Beckert and Ergen 2021]; and it applies to the cumulative work on educational aspirations [cf. Kao and Thompson 2003].…”