Sunday, January 13, 2019

Money Wisdom #439

"Bourdieu warns that this practical anticipation of the future in the economic field - the grasping of time yet-to-come as a quasi-present - should not be understood to involve a rational calculus of risk as neo-classical economics would suggest. Indeed, Bourdieu maintains that while economic orthodoxy will always reduce the practical mastery of situations of uncertainty to a rational calculus of risk, construing the anticipation of the behaviour of others as a calculation of the intent of opponents, understanding economic action and especially the practical anticipation of the future as engendered by the habitus - collective, historical, and unconscious structures - throws the calculating agent of economic orthodoxy into radical doubt."

Lisa Adkins The Time of Money (2018) p.35