Research & Literature

Scientific foundations and academic research supporting the Imagination Economy framework

Literature Review (2015–2025) • Compiled January 2026

The Imagination Economy represents an emerging paradigm shift in economic thinking, where intuitive and creative thinking create economic value after logical and rational thinking have been outsourced to automation and AI. This research compilation examines the academic foundations, key theories, and empirical research surrounding this evolving concept.

1. Theoretical Foundations

Fictional Expectations in the Economy

Jens Beckert — Max Planck Institute for the Study of Societies

Beckert developed the foundational theory of “fictional expectations” in economic action. His seminal 2013 paper in Theory and Society argues that economic decision-making under fundamental uncertainty is anchored in fictions—imagined future states and beliefs in causal mechanisms leading to those states.

Key insight: Actors are motivated by imagined futures and organize activities based on mental representations not confined to empirical reality. This makes fictional expectations a source of creativity and dynamism in the economy.

Key Publication: Beckert, J. (2016). Imagined Futures: Fictional Expectations and Capitalist Dynamics. Harvard University Press.

The Romantic Economist

Richard Bronk — Cambridge University Press

Richard Bronk explores why economists need imagination in his work The Romantic Economist: Imagination in Economics. His research examines three key dimensions:

Imaginative empathy with human subjects of study
Creative formation of new systems of thought and metaphors
The imaginative use of different perspectives in economic analysis

Recent collaboration: Beckert, J. & Bronk, R. (2018). Uncertain Futures: Imaginaries, Narratives, and Calculation in the Economy. Oxford University Press.

2. Economic Evolution Framework

From Experience Economy to Transformation Economy

B. Joseph Pine II & James H. Gilmore — Harvard Business Review

Pine and Gilmore mapped the progression of economic value through distinct stages:

Commodities→Goods→Services→Experiences→Transformations

Their 1998 Harvard Business Review article “Welcome to the Experience Economy” established this framework.

The Transformation Economy represents the next evolutionary step where businesses facilitate personal transformations rather than merely staging memorable experiences. Pine describes the metric shift: experiences are measured by “time well-spent” while transformations are measured by “time well-invested.”

3. The Creative Class & Creative Economy

Richard Florida — Martin Prosperity Institute, University of Toronto

Florida introduced the creative class concept, arguing it is a key driving force for post-industrial economic development. The creative class comprises approximately 40 million U.S. workers (30% of workforce).

The 3Ts of Economic Development

Florida proposes that growth and prosperity in creative capitalism turn on three factors:

Talent — Human capital and skilled workers
Technology — Innovation and R&D capacity
Tolerance — Openness to diversity and new ideas

The Global Creativity Index annually ranks 139 nations on these dimensions.

Key Publications

The Rise of the Creative Class (2002)
Who's Your City? (2009)
The New Urban Crisis (2018)

4. The Imagination Premium Metric

Rita Gunther McGrath (Columbia Business School), Alexander B. van Putten, and Ronald Pierantozzi

Published in Strategy & Leadership (2021), The Imagination Premium (TIP) metric measures the value of a company's equity beyond what can be explained by its ability to generate cash flow—reflecting investor confidence in future growth through innovation and imagination.

Formula

TIP = (Perceived Value of Growth) / (Value of Company Operations)

Case Study Results

AmazonImplied value of growth was nearly 4× its operational valueTIP = 292%

Buffalo Wild WingsStruggling company showing negative imagination premiumTIP = -60%

5. Entrepreneurial Imagination Research

Recent academic work has established entrepreneurial imagination (EI) as foundational to entrepreneurship studies. A 2025 pluralistic scoping review published in the Journal of Business Venturing identified eight distinct theoretical perspectives on entrepreneurial imagination: cognitive, linguistic, moral, aesthetic, and others.

Key Finding: Entrepreneurs are not merely economic actors but storytellers. Narrative plays a crucial role in shaping perceptions, legitimizing ventures, and constructing identities.

Recent Publications

Special issue on “Fiction and the Entrepreneurial Imagination” (2025) — 10 published papers
“The Imagination Advantage” (Strategy Science, 2024) — on thought experiments and counterfactuals in strategy

6. World Economic Forum: Future of Work

WEF Future of Jobs Report 2025

The WEF identifies imagination-related skills as critical for the 2025-2030 workforce:

Top 5Creative thinking ranks in top 5 core skillsRated essential by 7 in 10 companies

~40%Workplace skills expected to be outdated by 2030

Creativity identified as a uniquely human trait that no algorithm can replace

Four Futures Framework

The WEF outlines four potential scenarios:

Supercharged ProgressAI boosts productivity with quick role transitions
Age of DisplacementTech outpaces reskilling capabilities
Co-pilot EconomyAI enhances human expertise collaboratively
Stalled ProgressLagging workforce readiness limits adoption

7. Creative Economy: Global Statistics

Sources: UNCTAD, Bureau of Economic Analysis, UK DCMS

~3%of global GDPCreative economy contribution worldwide

$1.1T+U.S. economyCreative economy contribution to U.S.

2.6MUK jobsGrowing 3× faster than overall workforce

Generative AI in Creative Industries

2022$1.7B

→

2032 (projected)$21.6B

29.6% CAGR

8. Key References & Sources

Academic Papers

Beckert, J. (2013). Imagined futures: fictional expectations in the economy. Theory and Society, 42, 219-240.
Salis, F. & Leng, M. (2023). Inseparable Bedfellows: Imagination and Mathematics in Economic Modeling. Philosophical Studies.
McGrath, R.G., van Putten, A.B., & Pierantozzi, R. (2021). The Imagination Premium: an anticipative performance metric. Strategy & Leadership.
Florida, R. (2014). The Creative Class and Economic Development. Economic Development Quarterly.

Books

Beckert, J. (2016). Imagined Futures: Fictional Expectations and Capitalist Dynamics. Harvard University Press.
Bronk, R. (2009). The Romantic Economist: Imagination in Economics. Cambridge University Press.
Pine, B.J. & Gilmore, J.H. (2011). The Experience Economy (Updated Edition). Harvard Business Review Press.
Florida, R. (2002). The Rise of the Creative Class. Basic Books.

Reports

World Economic Forum (2025). The Future of Jobs Report 2025.
UNCTAD. Creative Economy Programme Reports.
Martin Prosperity Institute. Global Creativity Index (annual).

Explore Further

This research compilation provides the academic foundation for understanding the Imagination Economy. To explore how these concepts apply in practice, visit our FAQ for practical explanations or read our latest articles on emerging developments.