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...

What alternatives to rational choice theory do exist to explain economic phenomena? I argue that American pragmatism presents a viable alternative for the explanation of key economic incidences. First I illustrate the foundations of pragmatism using three problems regularly encountered in action...

Starting from the assumption that decision situations in economic contexts are characterized by fundamental uncertainty, the paper argues that the decision-making of intentionally rational actors is anchored in fictions. “Fictionality” in economic action is the inhabitation in the mind of an...