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The Economy in Context: A Value-Based Approach

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  • Arjo Klamer

Abstract

A more comprehensive picture, or imaginary in Charles Taylor’s term, puts the spheres of market and organizations in a broader perspective. It calls for new concepts – like shared and common goods or practices – and the willingness to contribute. We see that culture, in the sense of sense-making practices, matters a great deal, just as Deirdre McCloskey and Virgil Storr, among others, argue. By focusing on values, we see that people valorize their values not just by way of markets, but more so by way of different, non-market spheres. The article reflects a valuebased approach to economics and the economy.

Suggested Citation

  • Arjo Klamer, 2020. "The Economy in Context: A Value-Based Approach," Journal of Contextual Economics (JCE) – Schmollers Jahrbuch, Duncker & Humblot, Berlin, vol. 140(3-4), pages 287-300.
    • Handle: RePEc:dah:aeqjce:v140_y2020_i3_q3_p287-300
    DOI: 10.3790/schm.140.3-4.287
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    Keywords

    Value-Based Approach; Social Goods; Cultural Goods; Shared Goods; Willingness to Contribute; Culture; Oikos;
    All these keywords.

    JEL classification:

    • A1 - General Economics and Teaching - - General Economics
    • B5 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches
    • Z1 - Other Special Topics - - Cultural Economics

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