The Economics Of The Imagination

"By turns informative, infuriating and inspirational, Murphy, Peters and Marginson's Imagination is clearly the most critical of the three volumes in the series. Perhaps as a result, it is very good to think with." Andrew Miler, Professor of Cultural Studies, Monash University --Book Jacket.

This re-incorporation of economics into political economy is one (small, but not insignificant) element in a larger project: to place all of the resources of present-day social-scientific research at the service of increasing democracy, in an ultimate direction toward socialism in the classic sense. An economics-enriched political economy is, above all, empowering: working people in general can calculate, build models, think theoretically, and contribute to a human-worthy future, rather than leaving all this to their "betters."

The book explores the role of leisure in modern life. It was written in the belief that leisure sets us apart as a species, that what is "useless" by commercial standards is probably the best thing we have going for us, and that leisure is under attack, in high danger of being lost, and has been for some time (since at least the end of the Second World War). The source of the problem is the ascendancy of the economic imperative, the subordination of the science of means (philosophy) by the science of ends (economics). The book argues that our leisurely impulse has been so squandered that boredom is now a significant problem in modern life. The essays canvass the distinctive contributions of art, science and religion, and provide a synthetic account of these three forces driving human culture. Although the book covers the science/religion question, this book differs from others on the science/religion debate in that it connects the traditional discussion to questions of economics and social policy. It takes an innovative approach in weaving the fundamentals of human life (art, science, economics and so on) into one fabric, namely, leisure.

This book presents a polemical account of the historical development of the neoliberal imagination. Inspired by the thought of Frederic Jameson, Bernard Stiegler, and Timothy Morton, it argues that the evolution of virtual and information technologies has transformed the ideological imaginary of capitalism. Owing to the inseparability of the process of commodification from developments in the sphere of media technology – particularly the rise of the digital networks through which information is processed and disseminated – the aesthetic forms of the neoliberal imaginary are not external to the accelerated productivity and adaptability of human beings. Rather, they are essential both to the vision of progress that informs the technoscientific organization of capitalist society and to the practical formation of ‘the self’ that takes place within its networks. A snapshot of the evolving ‘world picture’ that is formed in the neoliberal imagination as articulated in its particular regime of capitalization, The Neoliberal Imagination will appeal to scholars of social theory and social philosophy with interests in neoliberalism.

Since economies are dynamic processes driven by creativity, social norms, and emotions as well as rational calculation, why do economists largely study them using static equilibrium models and narrow rationalistic assumptions? This book argues that economists should look for new techniques in Romantic poetry and philosophy.

Consumers, investors, and corporations orient their activities toward a future that contains opportunities and risks. How do these actors assess uncertainty? Jens Beckert adds a new chapter to the theory of capitalism by showing how fictional expectations drive modern economies—or throw them into crisis when imagined futures fail to materialize.