- List of Figures
- List of Tables
- Notes on Contributors
- Adam Smith and the Study of Ethics in a Commercial Society
- Virtue and Economics, Horse and Cart
- With All Due Respect: A Kantian Approach to Economics
- Ethical Pluralism in Economics
- Economic Ethics and the Capability Approach
- Evolution and Moral Motivation in Economics
- Morality as a Complex Adaptive System: Rethinking Hayek’s Social Ethics
- On the Evolution of Ethics, Rationality, and Economic Behavior
- Human Ethicality: Evidence and Insights from Behavioral Economics
- Ethics <i>and</i> Economics: A Complex Systems Approach
- Economics and Ethics within the Austrian School of Economics
- Feminist Economics and Ethics
- Economy and Culture: The Importance of Sense-Making
- Humane Markets: The Classical Tradition of Political Economy
- Capitalism and Democracy: Allies, Rivals, or Strangers?
- The Moral Status of Profit
- The Ethics of Money and Finance
- Ethics <i>and, in</i>, and <i>for</i> Labor Markets
- Cost-Benefit Analysis and Social Welfare Functions
- The Normative Economics of Social Risk
- The Ethics of Making Risky Decisions for Others
- The Tragedy of Economics: On the Nature of Economic Harm and the Responsibilities of Economists
- Economics, Ethics, and Health Insurance
- Deontological Morality and Economic Analysis of Law
- The Ethics and Economics of Ecological Justice
- Civil Rights, Employment, and Race
- Lessons from Economics
Abstract and Keywords
Culture matters in the economy. An increasing number of economists acknowledge the role of culture in economic processes, yet they disagree on what that role is. This chapter reviews the most important contributions to the discussion about the interaction between cultural and economic phenomena on the basis of a five-spheres model. The conclusion stands: culture matters. Yet the complexity of the interaction renders causal claims almost impossible. Furthermore, culture is not an instrument to change at will in order to achieve certain results. The outcome of the discussion is rather a reorientation of what economics is about, and a realization that sense-making is part of the economic process. Economists may conclude that they pay better attention to the qualitative aspects of the economy, and adjust their mode of analysis to allow for such attention.
Arjo Klamer is a professor of cultural economics at Erasmus University in the Netherlands.
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