Donald McKenzie (academic)

Donald McKenzie is a British sociologist known for his work in the sociology of finance, particularly focusing on the social shaping of financial markets and the role of mathematical models in economics. He is particularly renowned for his concept of "performativity," which explores how economic models and theories can actively shape the economic phenomena they are intended to describe, rather than merely representing them.

McKenzie's research has involved detailed ethnographic studies of trading floors and the development of mathematical models used in finance, such as the Black-Scholes option pricing model. He examines how these models, initially developed as analytical tools, can become self-fulfilling prophecies by influencing the actions of market participants.

His work has significantly contributed to the fields of science and technology studies (STS), economic sociology, and financial economics by offering a critical perspective on the relationship between knowledge and markets. It challenges the assumption of markets as purely rational and efficient systems, highlighting the impact of social practices, cultural beliefs, and the performative nature of economic theories.

McKenzie's major works include "Inventing Accuracy: A Historical Sociology of Nuclear Missile Guidance" and "An Engine, Not a Camera: How Financial Models Shape Markets." His research continues to be influential in understanding the complexities of modern financial systems and the social and technological forces that shape them. He has held academic positions at various universities, including the University of Edinburgh.