Biographical note: Carsten Herrmann-Pillath is Professor and Permanent Fellow at the Max Weber Centre for Advanced Cultural and Social Studies, University of Erfurt and a principal researcher at the COEVOLVERS project.

In Georgescu-Roegen's classical, though controversial discussion of entropy in relation to economics, the dualism of mechanical and subjective time plays a pivotal role. I argue that this fundamental distinction also inheres modern approaches to maximum entropy. Following Searle, I introduce the...

In recent sociological studies of markets, especially financial markets, researchers have argued that economics is performative (MacKenzie, Callon et al.). By this they refer to the observation that theories such as the Black-Scholes formula do not simply describe reality, but contributed to the...