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Kana Chan's avatar

I've been following Noah's Substack and really enjoy his commentary on Japan. It is such a valuable perspective you've shared!! Beautiful guest post and I hope it brings wonderful new readers your way.

Brent McClintock's avatar

Most Western economists have a narrow professional training in their discipline, as can occur in other professions. This has not always been the case. Early in the history of modern economics, those training in economics were said to be studying "political economy". Smith, John Stuart Mill, Marx, Marshall, and Keynes are notable examples. To varying degrees they based their economics in history, culture, psychology, politics, geography and so on. Economics could not be isolated from the context in which it took place. Later, in "market economies", in the economics discipline the view took hold that there were universal economic principles based on capitalism, applicable to any society through time, place, and societal type that could evaluate whether economic outcomes were more or less efficient. Culture and history, for example, didn't matter much. This narrower perspective leads to misunderstanding and misjudgments about the role of context (that other disciplines study and can provide broader perspective) in shaping how and why societies pursue their changing values through economic activity. Thus, the inability to address the differences in and role of cultural meaning - in wording, practice, and shared values in different economic settings. This explains in good measure why most economists today cannot place culture withing their economic analysis. Fortunately - and by deliberate choice - I chose a graduate education in political economy because I wanted to understand the world past, present, and future in all its complexity better rather than exclude important ways (culture) shaping economies. Which is all a long way of saying, I understand and appreciate your essay drawing attention to the differences in meaning to different - and similar, but not the same - cultural values and practices. Context matters.

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