Klame , A jo
A icle
The Economy in Con ex : A Value-Based App oach
Jou nal o Con ex ual Economics – Schmolle s Jah buch
P o ided in Coope a ion wi h:
Duncke & Humblo , Be lin
Sugges ed Ci a ion: Klame , A jo (2020) : The Economy in Con ex : A Value-Based App oach, Jou nal
o Con ex ual Economics – Schmolle s Jah buch, ISSN 2568-762X, Duncke & Humblo , Be lin, Vol.
140, Iss. 3-4, pp. 287-300,
h ps://doi.o g/10.3790/schm.140.3-4.287
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The Economy in Con ex : A Value-Based App oach*
By A jo Klame **
Abs ac
A mo e comp ehensi e pic u e, o imagina y in Cha les Taylo ’s e m, pu s he sphe es o
ma ke and o ganiza ions in a b oade pe spec i e. I calls o new concep s –like sha ed and
common goods o p ac ices –and he willingness o con ibu e. We see ha cul u e, in he sense
o sense-making p ac ices, ma e s a g ea deal, jus as Dei d e McCloskey and Vi gil S o ,
among o he s, a gue. By ocusing on alues, we see ha people alo ize hei alues no jus by
way o ma ke s, bu mo e so by way o di e en , non-ma ke sphe es. The a icle e lec s a alue-
based app oach o economics and he economy.
JEL Codes: A1, B5, Z1
Keywo ds: Value-Based App oach, Social Goods, Cul u al Goods, Sha ed Goods,
Willingness o Con ibu e, Cul u e, Oikos
Pic u e you sel in a es au an wi h a g oup o colleagues. Wha do you see? Do
you see you sel and he o he s engaged in a con e sa ion while enjoying he ood and
d inks? O a e you ocused on he choices you and you colleagues make and he
paymen o he bill a he end?
In he con e sa ion o economis s he choices and he paymen seem all ha ma e .
Economic alk is abou ansac ions in ma ke se ings. Economis s make you see
choosing he es au an , choosing some i ems o he menu and paying o hem. In
economic alk ha is called “consump ion.”You and you colleagues a e he buye s.
Those who un he es au an a e he supplie s. The p ice is p esumed o be he c i ical
a iable in luencing you decision o buy and he decision o he es au an o supply.
Behind he supply cu e he es au an people a e pic u ed o p oduce he meal in a
mo e o less p oduc i e and cos -e ec i e way. The poin is he income hey ea n
hanks o you paymen s, a e deduc ion o he cos s. Tha is wha economis s call
added alue. I makes you ealize ha you consump ion is good o he income o
* The au ho wishes o hank he edi o s and pa icipan s in he cul u al economics semina
a E asmus Uni e si y o use ul commen s.
** E asmus School o His o y, Cul u e and Communica ion, Depa men o A s &Cul u e
S udies, E asmus Uni e si y Ro e dam, Bu g. Oudlaan 50, 3062 PA Ro e dam, Ne he lands.
The au ho can be eached a [email p o ec ed].nl.
Jou nal o Con ex ual Economics 140 (2020), 287–300
Duncke & Humblo , Be lin
Jou nal o Con ex ual Economics 140 (2020) 3 –4
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o he s who can use ha o consume in hei u n. A e all, “[c]onsump ion is he sole
end and pu pose o p oduc ion”as Adam Smi h al eady no ed in 1776 (Book i ,
Chap e 8, 49).
This is one pe spec i e. Ano he pe spec i e makes you ocus on he pu pose o
you sha ed dinne a a es au an . Then you may ask you sel : wha is impo an o
me and my colleagues? This ques ions calls o wha you alue. You mos likely will
men ion he con e sa ion, he socializing, he exchange o s o ies, anecdo es and
ideas. Who knows, he con e sa ion allows you o es some new ideas you ha e o
you esea ch. All ha makes he con e sa ion aluable apa om a i ming he
collegiali y and iendship o you all. The ood is a good excuse. T ue o academics,
app ecia ion o i s quali y is implici . And because he depa men picks up he bill,
paymen is no an issue. The ea nings o he people o he es au an , and hei e o s,
do no eally ma e , ei he . In his al e na i e pe spec i e he isi o he es au an is
abou ealizing alues.
1. Mode n Social Imagina ies
The no ion o “pe spec i e”e okes he possibili y ha people pe cei e he wo ld in
di e en ways. Psychologis s pe cei e people dealing wi h pe sonal issues, aumas,
and he like. Sociologis s ocus on social in e ac ions, and phenomena in which hey
ecognize he mani es a ion o powe . Theologians pe cei e in he wo ld he hand o
God, and hey ead he wo ld in ligh o he lessons o he Bible. Economis s pe cei e
he economy in ligh o ma ke s guided by an in isible hand wi h he shadow o a la ge
go e nmen . Some o hem see he ole o he go e nmen in a a o able ligh , o he s
do no . I is all a ma e o pe spec i e.
As Cha les Taylo (2003) sugges s, he economy has o be imagined as such. When
people look a ound and y o make sense o wha hey obse e, hey need he ca ego y
“economy” o iden i y a wo ld o p oduc ion, consump ion and dis ibu ion. As he
example o he es au an shows, ha is a om ob ious. “The economy”is back-
g ound a mos , i ha , in he wo ld iews o psychologis s, sociologis s, heologians,
and, so I su mise, mos o dina y people li ing hei daily li e.
I like o ask s uden s hei pic u e o he “economy.”E en economics s uden s
p oduce a g ea a ie y o pic u es. Mos d aw a money sign, some d aw households
and p oduce s wi h a ma ke in be ween, some a s ick igu e wi h a ques ion ma k o
indica e choice, and one s uden e en d ew a bunch o e a ic lines o exp ess chaos.
Non-economis s end o highligh he inancial side o he economy, d awing bank
buildings and money signs. To hem “ he economy”is an abs ac wo ld, o en a
h ea ening wo ld.
Acco ding o Cha les Taylo “ he economy”cons i u es pa o he “sha ed social
imagina y”o his ime. He in oduces he no ion o “sha ed social imagina y” o make
us hink “o he ways people imagine hei social exis ence, how hey i oge he wi h
A jo Klame 288
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o he s, how hings go on be ween hem and hei ellows, hei expec a ions ha a e
no mally me , and he deepe no ma i e no ions and images ha unde lie hese ex-
pec a ions (ibid., 23).”Taylo aces he beginnings o he mode n sha ed social
imagina y o he eigh een h cen u y along wi h he imagina ion o a public sphe e (as
in democ a ic p ocesses, poli ics). I was abou hen ha people began o dis inguish
some hing like an economy and imagined a mo e o less au onomous economic sphe e
wi h ma ke s, ading, p o i s, g eed and ee en e p ise. A he same ime hey began o
displace he oyal cou as he cen e o hei uni e se wi h he imagina ion o a public
sphe e in which hey, wi h o he indi iduals, could pa icipa e. And hey began o
alue hei pe sonal sphe e as a p i a e sphe e ha could be shielded om social and
public con ol.
The sha ing o a social imagina y is c i ical o p oduc i e and e ec i e poli ical
discou se. Poli icians need o be able o e oke a sha ed image o he economy o jus i y
hei policies, and by doing so imply a public sphe e in which hey can speak and can
be hea d. A he same ime hey need o hono and espec he p i a e sphe e ha
people nowadays imagine o hemsel es.
Economis s pay hommage o hese dis inc imagina ies claiming he economy as
hei subjec ma e , iden i ying he go e nmen as ep esen ing he public sphe e and
p esuming ha indi iduals make choices in hei p i a e sphe e. Tha is no o say ha
economis s cha ge he public and p i a e sphe es wi h lo s o con en , as hey do o
he economy, bu hey a e a leas p esen in hei pic u e o he wo ld.
In he cha ac e iza ion o Taylo he image o he economy e okes an au onomous
sphe e sepa a e om poli ical, mo al and pe sonal ac i i ies. P esumably, i is pe -
cei ed as a sphe e in which people wheel and deal, exchange one hing o ano he ,
p oduce and wo k o p o i , and acqui e necessi ies guided by an in isible hand. I is a
mode n image because i con as s wi h imagina y wo lds in which lo ds and kings
pu sue hono and impose hei will on hei subo dina es, o in which a li e dedica ed
o God is all ha ma e s and he au ho i y and p esence o he chu ch a e pe asi e.
Howe e , is such a cha ac e iza ion igh ? Does i mi o li e as people pe cei e i ?
Why?
I b ing in he no ion o pe spec i e in o de o pu he w i ings o Dei d e
McCloskey, Vi gil S o , Ginny Seung Choi, Pe e Boe ke and like-minded econo-
mis s in pe spec i e. I sympa hisize wi h hese w i ings because hey add cul u e and
i ues o he pic u e o he economy. In he mas e ul ilogy on bou geois i ues
Dei d e McCloskey (2006; 2010; 2016) no only makes a con incing case o he
p ospe i y ha ma ke s gene a e bu also o hei ole in gene a ing and bols e ing
i uous beha io .
He accoun aises all kinds o ques ions. Fo example, does all he c edi o he
economic gains o he las cen u y o so go o he o ces o he ma ke ? Migh he
de elopmen o go e nmen al o ganiza ions ha e con ibu ed o hose gains as well?
How abou he emendous g ow h and de elopmen o comme cial and social o -
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ganiza ions? And in which sphe es do i ues come abou ? A e all, people go o
chu ch and spend ime a home as well. Migh hey pick up some hing abou em-
pe ance, ai h, hope and lo e in passing?
To add ess hese ques ions we a e in need o a b oade pic u e ha o e s a mo e
a ied pe spec i e o he wo ld. A leas , ha is wha I endea o o show.
2. A B oade Pic u e
Se e al au ho s ha e con ibu ed o he isualiza ion o he ma ke as a sphe e
besides o he sphe es. Ka l Polanyi, o example, isualizes he sphe es o ecip oci y,
o edis ibu ion and o householding in addi ion o he sphe e o he ma ke (Polanyi
1944). The sphe e o ecip oci y e okes he social ela ions ha people o m in in-
o mal socie y (some imes called ci il socie y o he hi d sec o ). The sphe e o
edis ibu ion e e s o he go e nmen wi h i s sys em o axes and expendi u es, and
he sphe e o he household o he p i a e sphe e ha Taylo iden i ies as pa o he
mode n social imagina y. The sphe e o ecip oci y and edis ibu ion cons i u es he
public sphe e in Taylo ’s pe spec i e. O he s who wo ked wi h he pe spec i e o
di e en sphe es, each wi h i s own logic, a e Hi schman (1970), Habe mas (1984),
Luhmann ([1984] 1995) and Zelize ([1994] 2005).
In my pu sui o unde s and he cul u al sec o wi h i s cul u al –o wha I would
iden i y as sense-making –p ac ices I ha e ound hese isualiza ions use ul, bu el
compelled o add a i h sphe e, i. e. he cul u al sphe e (Klame 2017). The idea is ha
people alo ize hei p e e ences, needs and alues by engaging in p ac ices pe aining
o one o mo e o hese i e sphe es. Each sphe e has i s own logic and dis inc i e
p ac ices.
You no ice he sphe e wi h he (M). Tha is he ma ke sphe e, he p eoccupa ion o
economis s. Bu ha is no whe e li e s a s.
A he base o his pic u e is he (O) o oikos. As economis s will know, oikos is
G eek o household o home. I is he sphe e in which people s a hei li e and end i .
When hey each adul hood, hey usually lea e hei pa en al oikos o de elop hei
own. They do so o en wi h someone else, hei signi ican o he , wi h whom hey may
gene a e o sp ing o ill hei home. Li e a home has a pa icula logic ha in o ms
how o ope a e and wha o do. When a home is sha ed wi h o he s (a pa ne , child en,
iends, pa en s maybe), people dis ibu e asks (“when you ake he kids o socce
p ac ice, I will acuum he house”), sha e dinne , ca e o each o he , ha e aca ions
oge he , and de elop common memo ies, usually wi hou he in e en ion o money
as a uni o accoun o means o exchange, and wi hou a go e nmen al logic. The
oikos enables people o ealize alues like ca e, lo e, a sense o amily, a he - and
mo he hood, in imacy, and a sense o belonging. I s logic is based on loyal y, o oice
(Hi schman 1970). Kids do wha he a he o mo he o de ed, and when hey do no
A jo Klame 290
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app ecia e he o de s, hey can exp ess hei discon en by a guing, c ying o
sc eaming. The oikos is also he si e o dependency, abuse, supp ession and in-
doc ina ion, he shadow sides o a logic o (in e ‐)dependency.
Pa o he oikos is he pe sonal sphe e. Tha is he sphe e o p i acy ha Taylo was
e oking. I is he sphe e ha enables people o ealize alues, such as au onomy and a
sense o sel . In his sphe e people elax, pu on com o able clo hes, and do hei hing
dis ega ding wha o he people may hink o i . I is also he sphe e in which people
wo k on hei skills and alen s, muse abou hei li e, ead, play music maybe. I is he
sel -cen e ed sphe e.
In he social sphe e (S) people en u e ou side hei home, go ou on he s ee . He e
hey socialize and o m ela ionships wi h people ou side hei oikos, make iends,
join clubs, go o school, su he in e ne , and become a membe o a neighbo hood, a
g oups cha , a club o a chu ch.
The social sphe e is he sphe e o he social logic, he logic o ela ionships, o
ecip oci y, o sha ing, o pa icipa ing, o gi ing and con ibu ing. F iends sha e
hings and do hings o and wi h each o he .
Going u he away om he oikos people en e socie al li e, by engaging in
poli ics, joining mo emen s, and pa icipa ing in con e sa ions ha o m he public
sphe e. In his socie al sphe e people ealize hemsel es as ci izens. They do so by
pa icipa ing in o con ibu ing o wha a e called common p ac ices, ha is p ac ices
Figu e 1: The Model o Fi e Sphe es: he oikos, he social, ma ke , go e n-
men al and cul u al sphe es (Klame 2017)
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ha collec i es o people ha e in common. O he han in he social sphe e close o
home, hey now in e ac wi h people whom hey do no necessa ily know.
Open sou ce pla o ms a e mani es a ions o he social sphe e. People con ibu e o,
and bene i om Linux, Wikipedia and o he such si es wi hou ge ing paid, o
paying.
Like he oikos he social sphe e has a shadow side, oo, as i excludes people and
can be he si e o iolence, disc imina ion, acism and sexism.
The beha io ha is equi ed o expec ed om us in he social sphe e is di e en
om wha is equi ed and expec ed in ma ke s. I is beha io ha sui s ela ionships
and gene a es a sense o sha ing o ha ing conce ns and alues in common. The social
and socie al sphe es a e abou pa icipa ion and con ibu ion. In hese sphe es people
in e ac socially. Inso a as mone a y ansac ions and he applica ion o ules and laws
en e , hey a e he backg ound and me ely ins umen al. In o de o ha e a con-
e sa ion you and you colleagues pay o dinne a he es au an and may ake in o
accoun some legal cons ain s. Bu he paymen and he legal cons ain s a e no wha
he socializing is abou .
The con e sa ion ha you and you colleagues a e ha ing occu s in he cul u al
sphe e (C). In his sphe e people make sense o hei li e and hei wo ld. Tha is wha
we schola s do when we engage in con e sa ions abou ou subjec , w i e and ead
a icles, and pa icipa e in semina s. In his sphe e people p ac ice a , a eligion,
poli ics, ead books, make and wa ch mo ies and ele ision, w i e and ead jou nals
and newspape s, and by doing all ha hey make sense o hemsel es in a con ex , pay
homage o hei ci iliza ion, u he knowledge, and de e mine hei posi ion in he
cul u al ield. This sphe e encompasses all o he s. Wi hou he (C) people would no
be able o unde s and wha hey a e doing in all he o he sphe es.
The cul u al sphe e is also he domain whe e ideologies ake shape, whe e people
de elop undamen alis belie s, and hink hemsel es as di e en om –and possibly
supe io o –o he s. I is he sphe e o p ejudices, ixed ideas, and he social imag-
ina ies as cha ac e ized by Cha les Taylo . In his sphe e people de elop a sense o
Du ch, Ge man, o Ame ican iden i y, hei mo al belie s, a sense o beau y, and hei
wo ld iew. I is also in his sphe e ha people pick up o he idea ha he economy
needs a s ong leade , o no , and he na ion needs o be p o ec ed om o eign
compe i ion, o no .
This sphe e ollows a cul u al logic. When people like McCloskey, Boe ke and I
y o al e he unde s anding o some hing like “ he economy,” hey need o ake in o
accoun wha o he s ha e said, use a simila idiom and language in o de o be un-
de s ood. Usually, i equi es schooling and disciplining in o de o pa icipa e in
speci ic cul u al p ac ices. I akes con empla ion and inqui y in o de o make sense o
one’s li e. Reading and alking can help, oo.
And yes, we make ansac ions. We do so in he ma ke sphe e, he sphe e o buying
and selling, o p icing hings, o quan i ying ou income and weal h. In his sphe e we
A jo Klame 292
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do business wi h people we may no know, and we buy s u o which we do no know
he o igin o who p oduced i . When we buy ish, we usually ha e no clue who caugh
he ish and whe e, who p ocessed he ish and cooked i o ou o de . We do no need
o know all ha because, as economis s a e keen o poin ou , he p ice does he wo k
o us.
The ma ke sphe e is a ich sphe e, as economis s know all oo well and McCloskey
is eage o p opaga e. I has a ema kable dynamic, wi h p ices mo ing all he ime, and
o unes al e na ing con inuously. The p icing o hings has a p o ound e ec on ou
li es. I has a disciplina y e ec , o one, bu also enables us o plan, budge , and
e alua e. I s logic is basically one o accoun ing: s ocks and lows, income and ex-
pendi u es. As McCloskey and I ha e a gued, accoun ing is he oo me apho o
economics (1992). Bu i is also, acco ding o McCloskey, Robe Lane (1991) and
o he s, he sphe e in which people de elop i ues like p udence, en ep eneu ial
skills, and o he s which b ing abou inno a ion.
How abou o ganiza ions? This is he ques ion ha I pose o McCloskey and o he s
who p aise he i ues o ma ke s. How much o wha is accomplished in he las
cen u y is due o he applica ion o he logic o o ganiza ion? A e all, a dis inc i e
ea u e o mode n economies is o ganiza ional li e. Beginning in he la e nine een h
cen u y o ganiza ions in he comme cial sphe e ook o . La ge co po a ions domina e
a g ea pa o he economy. The majo i y o people wo k in and o an o ganiza ion;
mos business is done wi h and among o ganiza ions. The go e nmen has an o -
ganiza ion, oo, a p e y big one ac ually. I employs nume ous ci il se an s o occupy
i s o ices and implemen he policies ha poli icians ha e de e mined.
O ganiza ions cons i u e he go e nmen al sphe e (G). In his sphe e a go -
e nmen al logic eigns. All o ganiza ions apply such a logic somehow. I is he logic o
ules, o laws, o unc ions and asks, accoun ing, supe ision, hie a chy. An o -
ganiza ion equi es a s uc u e o some so , wi h clea ag eemen s, and o en con ac s
ha makes such ag eemen s legally binding.
Comme cial o ganiza ions a e pa o G, bu so a e go e nmen s, social o gan-
iza ions such as chu ches, schools, uni e si ies, and spo clubs. They a e because hey
all use a go e nmen al logic. The e a e di e ences, o cou se. Economis s a e keen o
poin ou ha comme cial o ganiza ions a e disciplined by ma ke o ces in a way ha
go e nmen al o ganiza ions a e no . Ye , bo h o ganiza ions wo k by way o con-
ac ual ag eemen s, depa men aliza ion, accoun ing ules, chains o command, and
o he p ac ices ha a e adminis a i e and clea ly dis inc om he ansac ions ha
ollow he logic o he ma ke sphe e.
The academics among us will ecognize he o ganiza ional con ex in which hey
ope a e, including c i e ia o p omo ion, exam p o ocols, deans who ell you wha o
each, employmen con ac s ha speci y he ules and c i e ia o one’s sala y, pe ks,
and condi ions o a sabba ical. They a e blessed wi h an o ganiza ion ha will ec ui
he s uden s o hem, builds and main ains class ooms and o ices, and pays a a ewell
pa y a e i emen . The o ganiza ion keeps he ma ke logic a bay. Jus imagine ha
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we ha e o compe e o s uden s, ha ou sala y depends on how many s uden s we
each and how many heses we supe ise? Imagine ha o he eache s compe e o ou
cou ses and ge o each hem because hey a e willing o do so o much less money.
The pic u e e lec s he mode n social imagina y as isualized by Cha les Taylo .
Ye , by dis inguishing a sphe e o go e nance (G) his pic u e d aws mo e a en ion o
o ganiza ional li e. This is wa an ed ce ainly since he eme gence o o ganiza ional
sys ems in he nine een h cen u y (Chandle 1977), culmina ing in he de elopmen o
la ge go e nmen al o ganiza ions s a ing in he wen ies and hi ies o he las
cen u y. Ano he big di e ence is he addi ion o he cul u al sphe e (C). I needed ha
sphe e o do jus ice o he sense-making ac i i ies ha a e so cha ac e is ic o he
cul u al sec o . Suppo o his addi ion is gi en by an h opologis s and sociologis s
who d aw ou a en ion o he gene a ion and communica ion o meanings (Douglas
and Ishe wood 1979; Habe mas 1984; Kopy o 1988; Zelize [1994] 2005).
3. The Immedia e Payo
This pic u e aises all kinds o ques ions ha a e less ob ious when he pic u e o
(M) domina es. Fo one, we will wonde abou he in e ac ions be ween he sphe es.
Wha is he ole o he cul u al sphe e? Does i impac he ma ke sphe e, as
McCloskey and Webe ha e a gued?1
And how does he sphe e o (M) a ec he sphe e o (G), and ice e sa? Apa
om he disciplining impac o ma ke o ces, go e no s can apply ma ke logic in
hei go e nance, like when hey gi e bonuses o hei bes employees and ocus
in e nally on quan i iable esul s. Ci il se an s can do he same by add essing ci izens
as hei cus ome s, speci ying p oduc s, o ganizing compe i ions among supplie s,
and decla ing ha hei ope a ions a e demand-d i en. (Such applica ion o (M) logic
in go e nmen al con ex goes unde he lag o “neo-libe alism”).
Ano he way o ealizing he impo ance o (G) is o ponde he impac o poo
p i a e o ganiza ions and badly unc ioning go e nmen on he unc ioning o ma -
ke s. We saw a e he down all o communis egimes ha he cons uc ion o s ong
o ganiza ions p o ed o be a o midable challenge. Weak ci il socie y (pa o S) did
no help ei he .
The pic u e complica es he inqui y in o he causes o he weal h o na ions.
S udying ma ke p ocesses will no su ice. The ques ion is wha he o he sphe es
con ibu e, o how hey may hampe economic g ow h.
Gi en he s ong ole o (G) in ou li es, i is somewha s ange o ealize how
subdued i s p esence is in he s anda d economic pic u e. The o e sigh o (G) is e en
1In Klame (2019) I su ey he a ious in e ac ions be ween he sphe es o (C), (M) and
(G).
A jo Klame 294
Jou nal o Con ex ual Economics 140 (2020) 3 –4
OPEN ACCESS | Licensed unde CC BY 4.0 | h ps://c ea i ecommons.o g/abou /cclicenses/
DOI h ps://doi.o g/10.3790/schm.140.3-4.287 | Gene a ed on 2023-10-13 12:12:33