This article seeks to explore existing conceptualisations of emotional capital in educational research, and to undertake a critical analysis of these conceptualisations, including a reflection on my own explorations of teachers' and students' emotional practices. Drawing from Bourdieu's work, I offer a theoretical discussion of how emotional capital as a conceptual tool suggests a historically situated analysis of the often unrecognised mechanisms and emotion norms serving to maintain certain "affective economies". This point is made in reference to a brief discussion of my ongoing ethnographic work over the last ten years. I conclude the article with outlining some new possibilities of theorising the potentiality and usefulness of the concept of emotional capital in the field of educational research.