The methodology offers not just "theoretical" prices but also a clear and systematic account of the economic process determining those prices. This account altered how economists conceived of a broad range of issues: the pricing not just of derivatives but also of more "basic" securities, such as bonds, and even the analysis of decisions outside of the sphere of finance that can be seen as involving implicit options. It affected how market participants and regulators thought about options, and it still does so, even if the phase of the Barnesian performativity of the original Black-Scholes-Merton model has passed.

Donald MacKenzie, An Engine, Not a Camera, loc. 99