Theorizing the "Third Sphere": A Critique of the Persistence of the "Economistic Fallacy"

As long as social organization runs in its ruts, no individual economic motives need come into play; no shirking of personal effort need be feared; division of labor will automatically be ensured; economic obligations will be duly discharged; and, above all, the material means for an exuberant displ...

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Bibliographic Details
Published in:Journal of economic issues 2002-12, Vol.36 (4), p.1045-1078
Main Authors: Adaman, Fikret, Madra, Yahya M.
Format: Article
Language:English
Subjects:
Altruism
Analysis
Behavioral economics
Conceptualization
Economic models
Economic theory
Economics
Institutional economics
Insurance markets
Marxian economics
Pathology
Public goods
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Summary:As long as social organization runs in its ruts, no individual economic motives need come into play; no shirking of personal effort need be feared; division of labor will automatically be ensured; economic obligations will be duly discharged; and, above all, the material means for an exuberant display of abundance at all public festivals will be provided. In such a community the idea of profit is barred; higgling and haggling is decried; giving freely is acclaimed as a virtue; the supposed propensity to barter, truck, and exchange does not appear. The economic system is, in effect, a mere function of social organization. --Karl Polanyi
ISSN:0021-3624
1946-326X
DOI:10.1080/00213624.2002.11506535