Social aspects of economics modelling : Disciplinary norms and performativity

The chapter reviews themes that lie at the intersection of sociology of science and economic methodology, an area of inquiry Wade Hands has been keen on promoting. It first examines how shared norms about what counts as good economic explanation shape the kind of models that economists build. I argue that adherence to such norms contributes to keeping the field together and allows for knowledge production. Yet, such adherence also tends to systematically obscure some aspects of the phenomena economics studies, thereby creating blind spots. Second, the chapter discusses the effects that economic models have on society through the phenomenon known as performativity. It suggests that when economics is performative, its blind spots affect not only our understanding of economic phenomena but also our social behaviour and institutions. This possibility calls for an ethical perspective on economic modelling alongside the epistemological and sociological ones.