Epistemic participation : how to produce knowledge about the economic future

Abstract

This article explores economic forecasting by examining the various social settings and networks economic forecasters are embedded in. It discusses how forecasters meet with political and economic actors and also how members of forecasting teams embody main aggregates of the economy to commonly produce a consensus about the economic future. The data underlying this article were collected from three economic forecasting institutes in German-speaking countries and consist of interviews with economic forecasters and representative users of the forecasts in economic and political organizations. The article argues that on the backstage of economic forecasting, macroeconomic models are subordinate. Rather, the production process of economic forecasts is embedded in various formal and informal networks. The article summarizes the activities on the backstage of economic forecasting by using the notion of ‘epistemic participation’. This means that the forecasters give their object of inquiry, which is the economy, the opportunity to participate actively in the epistemic process. Epistemic participation has two dimensions: First, it takes place in a network including the forecasters and key individuals from the economy and economic policy. Second, forecasters identify with significant parts of the economy and give them a body and a voice. Epistemic participation conceptualizes the relationship between researchers and a highly reflexive and communicative object.