Table of Contents

Culture and Economic Action

Culture and Economic Action

New Thinking in Political Economy series

Edited by Laura E. Grube and Virgil Henry Storr

This edited volume, a collection of both theoretical essays and empirical studies, presents an Austrian economics perspective on the role of culture in economic action. The authors illustrate that culture cannot be separated from economic action, but that it is in fact part of all decision-making.

Chapter 8: Context matters: the importance of time and place in economic narratives

Virgil Henry Storr

Subjects: development studies, development economics, economics and finance, austrian economics, development economics


“Context matters: the importance of time and place in economic narratives” attempts to construct a cultural economics consistent with the interpretive social science of Weber, Mises and Hayek. Beginning with a description of the Weber–Austrian approach, the chapter moves very quickly to a discussion of why the study of culture is important to any attempt to understand economic phenomena and how we might bring the study of culture into our understanding of economics. As I conclude, ours is a science of meanings and thus a focus on culture must be at the fore of our analysis.

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