The social space-time of economic activity

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The author critiques neoclassical economics for eliminating value, reducing the discipline to mere market valuation and portraying the market as self-regulating. This linear approach prioritizes instrumental values, focusing solely on profit while neglecting the destructive processes that undermine economic sustainability. The author advocates for a shift from a linear to a circular economy, emphasizing the preservation and renewal of resources alongside the creation of new ones. Achieving this transition requires reintroducing values into economics, defined in non-utilitarian terms, and recognizing the essential role of culture in fostering community cohesion. Moving from a transactional market to a relational framework necessitates reshaping social structures, particularly within key organizations like firms, cities, and universities. These concepts are intended to provide a framework for diverse perspectives rather than a universal solution. The author’s insights into a new economic theory of value consider the broader social and economic landscape, addressing the need for innovative policies amid global crises and the challenges posed by the digital economy. This interdisciplinary work is poised to engage researchers across various fields, including economics, philosophy, sociology, history, and political science, while serving as a valuable resource for policymakers at all levels.