The social space-time of economic activity

The author critiques neoclassical economics, emphasizing its fundamental drawback: the dismissal of intrinsic value. By focusing solely on market valuation, economics inadvertently characterizes the market as an autonomous entity. This perspective is perilous because it transforms economic activity into a linear sequence centered on creating instrumental values, predominately measured by profit gains that overlook detrimental processes impacting values. Such an approach jeopardizes the sustainability of economic endeavors. The author advocates for a shift towards a circular economy, which emphasizes sustaining, renewing, and expanding existing resources while generating new ones. Achieving this vision mandates the reincorporation of non-utilitarian values into economics, alongside reinstating a pivotal role for culture as the cohesive force in community operations. Transitioning from transactional market dynamics to a relational framework requires restructuring the foundational microstructures of social life, particularly in core collective organizations. This is where the concepts of Firm-Idea, City-Idea, and University-Idea come into play, serving as models for embedding fundamental values unique to each entity. Rather than seeking a universal solution, the author proposes a framework accommodating varied perspectives. The exploration of a revamped theory of value considers the broader social and economic landscape, including calls for revised economic policies amid global crises and the challenges posed by the digital economy's dominance. This book stands out for its interdisciplinary approach, appealing to researchers across fields such as economics, philosophy, sociology, history, and political science. Furthermore, it serves as a rich resource for socio-economic policymakers, offering insights beneficial to lawmakers, government officials, and advocates of both central and local governmental and social initiatives.