Monday, 19 September 2016

We need to move on from existing theories of the economy

Image result for adam smith
Adam Smith. Image source: Wikimedia Commons
[This was originally published a few days ago as a guest post on Dan Little's excellent blog Understanding Society following his review of my book Profit and Gift in the Digital Economy.]

Let me begin by thanking Dan Little for his very perceptive review. As he rightly says, my book is more ambitious than the title might suggest, proposing that we should see our economy not simply as a capitalist market system but as a collection of “many distinct but interconnected practices”. Neither the traditional economist’s focus on firms in markets nor the Marxist political economist’s focus on exploitation of wage labour by capital is a viable way of understanding the real economy, and the book takes some steps towards an alternative view.