A Gendered Post Keynesian–Institutional Analysis
Chapter 5: Institutional Change, Households, and the State
INTRODUCTION This chapter discusses the types of institutional change that can take place due to the interaction between the instrumental and ceremonial aspects of the household institution in relation to other institutions within the pecuniary culture. To this end I adopt and enhance the formulation institutional change offered by Paul Bush (1988). TOOLS, VALUE STRUCTURE, AND INSTITUTIONAL CHANGE Bush formulates his discussion of institutional change in terms of ‘the interface of the knowledge fund and the institutional structure’ (1988, 140). Here, I find it more appropriate to speak about the interface between ‘tools’ and ‘value structure’. Tools include the existing knowledge, and value structure refers to the methods of valuation: instrumental and pecuniary. The structure is determined by the variation of combinations of these methods of valuation. It is a broader view of technology that should be considered here. The term ‘technology’ refers not just to tools, including skills, but also to the value structure – the predominant combination of valuation methods. Tools are necessary for problem solving, and are the result of the predominance of instrumental methods of valuation over ceremonial methods. Only the tools that meet ‘ceremonial adequacy’ (ibid., 141) will be permissible for usage. In other words, even though some tools may be available to the community, they might not be ceremonially adequate because of the present state of the value structure. Tools are either ‘encapsulated’ by ceremonial aspects of institutions that are warranted by predatory instincts, or are ‘embodied’ in the 119 120 Money and households in...