Some reflections on the high expectations as formulated in the Internet Bubble era

Since the breakthrough of the Internet to the broader public in the 1990s, expectations of the converging information technology, telecommunication and media industries and technologies as a catalyst for economic growth and social welfare have been high. Futures scientists were involved in predicting the future of these technologies during the Internet bubble. In this paper, we use a meta-analysis approach to examine how well futures studies have been able to describe future reality. We limit our studies to futures research in the ICT and Internet domain that were published between 1995 and 2000. Because the number of relevant studies can hardly be called impressive, we selected a number of available futures studies that were conducted by official government bodies and individual companies, based on various approaches, ranging from technology forecasts [1] to highly creative visions [2], and from predictions [2] to essays [4]. These studies were carried out by Dutch as well as by international organizations. Based on a framework we developed for the analysis of business models, we wanted to see whether technological drivers, regulatory/policy issues and market development as well as competitive behavior, on the input side, and the way value for customers and providers is provided, on the output side, were discussed. Our analysis made it clear that, looking back with what we know now about business models, futures studies and recently developed tools like road mapping, developments in futures studies have made tremendous progress since the Internet Bubble. However, here is still room for more rigor when it comes to methodology and reporting. More recently, there has been a promising integration of scenario analysis and business model approaches that opens new avenues for futures studies.     

New challenges for futures studies

Challenges coming from futures studies to other disciplines because of the rapidity and inter-relatedness of changes for which no discipline on its own can face the different correlated and global challenges, will be examined mainly in relation to social sciences. social sciences on the other hand reflect the need to overcome fragmentation within each discipline and between the various social sciences, in an effort at least of interdisciplinarity to face the growing uncertainty in decision making at every level: local, national and international. Social sciences are also slowly realising that a future oriented perspective is needed to empower analysis and actually reflect society in its continuous dynamicity. Citizens need the possibility to live within the rapidity of changes in the Information Society through the availability of futures studies in different forms as well as social analysis that is dynamic and interdisciplinary. The special link between society and ecological issues in a future oriented perspective will be the specific area to express the relevancy of the correlation between futures studies and social sciences.     

Energy futures: Diversity and the need for assessment

In energy policy and energy research, decisions have to be made about the technologies and infrastructures that may be used to provide and distribute energy in future times, some of which are very distant. Frequently, energy futures such as predictions of the energy demand or energy scenarios are used for decision-support in this field. The diversity of energy futures, however, threatens any possibility for orientation, could lead to disorientation instead of helping more rational decision-making and could be used for ideological purpose. In this paper, we investigate concepts and approaches for scrutinizing, comparing and assessing the various energy futures from an epistemological point of view. Following the analysis of the structure of (energy) futures we will conclude that comparisons and assessments of energy futures should be made through processes of scrutiny and assessment, looking into the ingredients which have been used in constructing the respective futures, and into the process of their composition. Providing much more insight into the cognitive and normative structure of energy futures is required for allowing a more transparent and deliberative societal debate about future energy systems.     

Futures studies and public decision in Sweden

Futures studies are a decisive part of the public decision process in Sweden, where they appeared after World War II and gained momentum from the 1970s on.Based on a series of interviews conducted in Stockholm in December 2003, this paper presents the main players involved in futures studies in Sweden. It focuses especially on the activities of the Institute for Futures Studies, and that of the Lindbeck Commission on the Future of Sweden, which was a resounding success.The paper gives a detailed account of the interplay between this various actors. There is a strong independence between the public decision making system and the producers of futures studies. Nevertheless, futures studies prove an important instrument for public policy in Sweden, as they raise awareness in the public debate, serve as a tool for consultation, and help define scientific and technological priorities.     

Judgement research in policy analysis

A primary purpose of futures research is to assist the formulation of policy; as such, futures research is an instrument of policy analysis. A parallel field of research in the behavioural sciences-judgement research-is also potentially an important instrument of policy analysis. Practitioners and consumers frequently overlook both the extent to which futures research is based heavily on judgements, and, therefore, the extent to which it would benefit from incorporating the principles and techniques of judgement research. This article explores the relationships between futures research and judgement research (and their links with policy analysis, and planning) and discusses the gains to policy analysis and formation-notably in the creative aspect of policy invention -from a linking of, and interaction between, the two areas. Two recent developments in applied research, symmetrical linkage systems (judgement research) and interactive cross-impact modelling (futures research), are used as vehicles for the discussion ; and the practical value of the behavioural sciences approach is indicated in a discussion of group decision making.     

Ethical dilemmas: Teaching futures in schools

Educational policy is implicitly futures oriented, yet in most instances fails to engage learners with explicit futures tools and concepts at a school level. Futures studies in education, or futures education has the potential to reposition learning as purposeful and mobilizes the lives of participants by connecting the curriculum of schools with the multifaceted futures of learners. This is a complex task within the tensions often existing between: the cultural role of a school, the expectations of a society, the expertise of teachers, and the increasingly diverse needs of learners (Bateman, 2012). It is between the tensions of these things that the ‘ethical’ issues of what is taught, or omitted as content in a classroom and the consequences of these choices are evident.This paper highlights ethical and moral dilemmas, as they were apparent in two futures education projects. In the first study, the teachers discuss the inherent limitations of offering a broader and more futures oriented curriculum. In the second study, teachers reflect upon their students’ anxiety with regards to futures images as they are interrogated within a curriculum study. Each of these studies highlights the ethical challenges that arise, when possible, preferable and probable futures are developed as part of learning in school settings, which are culturally and demographically diverse.Tirri and Husu (2002) highlight the ethical dilemmas, which emerge in classrooms around the world, based on conflicts in values and competing intentions between key stakeholders. In the studies which contribute to this discussion, there is evidence to suggest that futures thinking causes conflict within an individual's perception of how the world should be, or their worldview as a result of futures imagining which goes beyond what is taken for granted, or is an assumed future eventuality. In the same way, Carrington, Deppeler, and Moss (2010) argue that all curriculum choices about what is taught (or not taught) in a classroom reflect an ethical decision made by a teacher, with regards to what is foregrounded for learning and what is omitted.It is crucial to re-examine the role of a school in educating students for their futures, as opposed to educating students with an aim of furthering governmental agendas. More significantly, however, as this paper highlights, it is exploring the boundaries of what is acceptable or unacceptable, appropriate or inappropriate to teach in a classroom, given the changing diversities of schools and education systems throughout the world.     

Building the future: Undertaking proactive strategy for national outlook

Future studies should provide the means to forecast potential crisis in order to avoid them or limit their effects [Masini, E. 2006, Rethinking futures studies, Futures 38, 1158-1168]. Recognizing and realizing the future events from past up to the present have been the main concern of the rulers and policy makers from the very beginning of civilization. Future studies are a decisive part of the public decision process which plays a very distinctive role in the desirable future of a society. The role of elites in future studies and scenario building is notable; they design national policies and strategies and have a significant impact in general public. Although future cannot be foretold by anyone, the interactions of advanced nations seem to be counter productive; they try to depict the futures. In this case, the futures are built, not predicted. The interactions of two or more systems at the level of international relations have been discussed in this paper. The imaginations of general public toward the futures are given in each society by using these analogies: railroad, river, sea and game. Therefore, the intervention of advanced nations may confront passive, harmonic, active, proactive and chaotic reaction in the other nations. We have discussed that undertaking proactive strategy is the best way to design national perspective.     

Evolution of controversial fields: lessons from the past for futures

Some intriguing analogies are drawn between futures studies today and the social sciences in their emergent period. Similar career trajectories are posited for such controversial fields of research, with their novel approaches in terms of claims advanced, and social reactions. The analogies cover the growth of professionalism, the development of internal self-criticism, and increasingly arbitrary boundaries. A distinction is made between English-speaking and Continental futures.     

Reclaiming the future : Futures studies in Africa

This article considers the status of futures studies and research in Africa. Compared to the position two decades ago, African planning services today represent a real achievement, and can act as the basis for advanced public policy analysis. Futures studies in Africa can act to stimulate and extend the national planning function, and also provide a unified approach at the regional and continental levels. Futures studies can never be value-free—Africans embarking on futures studies must first rediscover their past and assert their present before they are able to ‘reclaim their future’.     

Challenging epistemologies: Exploring knowledge practices in Palikur astronomy

Attempts to resolve the duality of ‘indigenous knowledge’ and ‘Science’ raises the problem of the tenability of knowledges. Arguing that multiculturalist approaches to knowledge are inadequate because knowledge cannot be based solely on consensus within a community, the article explores ways in which indigenous knowledges might be evaluated in relation to science. Using the example of a Palikur (Amapá, Brazil) narrative of an astronomical seasonal cycle, the author draws on current thinking in the field of epistemology to describe ways in which these specific cognitive practices are compatible with those in the sciences, while the moral economy in terms of which the narrative makes sense offers a way of understanding an alternative socio-cultural basis for framing rationality. One of the futures of ‘indigenous knowledge’, it is argued, is that in breaking down the duality in which it is strung in relation to the sciences, there is the possibility of broadening the range of acceptable epistemic practices, and admitting alternative moral economies into the sciences.     

Reconceptualizing the cultural dynamics of the future

Many futures approaches are based on ethnocentric factors which do not apply outside their western contexts. This article summarizes critiques of current care theories of social sciences which takes into account some of this ethnocentricity. Finally, the article presents an alternative view of the dynamics of the future based on culture as a variable     

Co-design,evaluation and the Northern Ireland Innovation Lab

Around the world there are more than 100 policy labs—multi-disciplinary government teams developing public services and policies using innovation methods to engage citizens and stakeholders. These policy labs use a range of innovation methods and approaches, including co-production, co-creation, co-design, behavioural insights, systems thinking, ethnography, data science, nudge theory and lean processes. Although the methods may vary, one element is consistent: policy labs actively, creatively and collaboratively engage the public and a wide range of stakeholders in jointly developing solutions. The Northern Ireland Public Sector Innovation Lab (iLab) is part of a growing UK and international community of policy labs using co-design to engage with users for value co-creation, aiming to improve public governance by creating a safe space to generate ideas, test prototypes and refine concepts with beneficiaries. Drawing on iLab’s experience, this paper explores three questions: What are the main determinants of effective co-design? What are the unintended consequences of co-design? And what lessons can be learned from iLab and shared with other policy labs?     

Emerging pathways for critical futures research: Changing contexts and impacts of social theory

There has always been a critical, emancipatory tradition within futures studies. Although those voices can still be heard, there has been a growing tendency for futures studies to be driven by more utilitarian needs in business and government. Whilst it is positive that futures thinking and research is increasingly valued within corporate and policy-making settings, much of that work appears to lack genuine plurality of worldviews and interests.The paper traces the changing contexts for futures research over the past 25 years. It argues that futures research needs to be viewed as part of the re-politicisation – in the Habermasian sense – of technocratic decision-making. It suggests that there are three particular reasons for revisiting the need for criticality in futures research: the increasing acknowledgement of systemic interrelatedness (ecological, social, economic), a growth in the forward-looking socio-economic paradigm that permeates both business and policy, and the challenge of theory development. Drawing on social theory and futures research, we suggest three pathways for revived critical futures research: socio-technical practices, future-oriented dialectics, and socio-economic imaginaries. As a result, the paper calls for development in futures studies that would dialectically integrate and overcome the dichotomy between instrumentalisation and (critical) theorising that can be currently understood as somewhat antagonistic. In order to find a balance between these antagonistic dimensions, futures research should be more engaged in enabling critique and revealing assumptions and interests.     

Is it possible to make scientific forecasts in social sciences?

This article attempts to answer the question, whether and how it is possible to make scientific forecasts in social sciences through the investigation of the actual scientific-philosophical problems and methodological aspects of futures studies.¹ Following a critical analysis it describes the scientific-philosophical features of uncovering and forecasting the possible futures from the classic predictions to the latest approaches. In the methodological chapter it turns its attention to the impossibility of making scientific predictions and demonstrates the methods with the help of which—reacting to the challenges of uncertainty, instability and various changes—futures studies can perform its original function, i.e. supports present decisions providing information about the future.     

Futures prices as risk-adjusted forecasts of monetary policy

Many researchers have used federal funds futures rates as measures of financial markets’ expectations of future monetary policy. However, to the extent that federal funds futures reflect risk premia, these measures require some adjustment. In this paper, we document that excess returns on federal funds futures have been positive on average and strongly countercyclical. In particular, excess returns are surprisingly well predicted by macroeconomic indicators such as employment growth and financial business-cycle indicators such as Treasury yield spreads and corporate bond spreads. Excess returns on eurodollar futures display similar patterns. We document that simply ignoring these risk premia significantly biases forecasts of the future path of monetary policy. We also show that risk premia matter for some futures-based measures of monetary policy shocks used in the literature.     

Experiences of the development and use of scenarios for evaluating Swedish national environmental objectives

The aim of the present paper is to present and evaluate a method for encouraging long-term thinking and considerations of a variety of scenarios in environmental policy processes. The Swedish environmental policy is based on 16 environmental objectives that national authorities are responsible for. They are evaluated annually and also in-depth every fourth year. Here we describe and explore a futures study project for introducing a more long-term thinking in the work with the environmental objectives, tested in the in-depth evaluation 2008. An experience was that it is difficult to design a collective scenario work in a case with a wide variety of objectives and with individuals with different backgrounds. However, this difficulty makes it even more important to incorporate futures studies in authorities work. Scenario work is often subcontracted, leading to a constant lack of futures studies competence and thinking at the authorities. Another experience is that despite the difficulties, experts at the authorities did start thinking more in terms of opportunities with futures studies. A general conclusion from the work was that there is an interest and need for futures studies at the authorities in charge of the environmental objectives. The possibly most important conclusion from this project was that the authorities need to build up their own competences in futures studies.     

Epistemology, social technology, and expert judgement: Olaf Helmer's contribution to futures research

The article discusses Olaf Helmer's contribution to the development of futures studies by focusing on four basic theses defining his approach. (1) Quasi-laws in social sciences and futures studies can in fact be treated in the same way that the natural laws of the physical sciences. (2) In order to make predictions, one need not appeal to a strict logical derivation, as the “covering laws” doctrine of logical-empiricism suggests. (3) Prediction and explanation are not logically symmetrical as positivists believe, thus the conditions needed for explanation are not those required for prediction. (4) Local, tacit, personal and expert knowledge are crucial in developing a foresight methodology. In conjunction, these four theses open the way to a unique theory of social prediction and to variety of “unorthodox items of methodological equipment for the purposes of prediction in the inexact sciences.”     

University education in futures studies: A Mark III survey

Following two earlier analyses (1970 and 1972), the Mark III survey of 1974 explores the extent and quality of university education in disciplines identifiable as future-oriented. The initial research revealed a somewhat stagnant situation. There is a decline in systematic futures courses at the university level, while there is now a stronger trend towards “futurisation” of conventional subjects on one hand, and to practice-oriented non-university educational activities on the other. The most significant developments appeared in long-range planning, policy studies and peace research. Representation of methodologies shows systems research as perhaps the most, and social sciences as a less important contributor. Identification of “futurism” and clarification of the concept remains the dominant problem.     

The Influence of Monetary Conditions on the Response of Interest Rate Futures to M1 Releases: 1976–1998

Abstract:   This study examines the response of T‐bill and T‐bond futures prices to weekly M1 announcements over the period March 1976 to November 1998 conditioned upon monetary operating procedures and the stance in monetary policy. In concurrence with previous studies, this study finds that unanticipated increases in M1 are negatively related to changes in T‐bill and T‐bond futures prices. However, when the data is sorted by monetary regime, the stance in monetary policy, and direction of money surprise, we find evidence to support the several competing theories historically suggested by Cornell (1983b) to explain the impact of money supply announcements.