The Elgar Companion to Social Economics, Second Edition
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The Elgar Companion to Social Economics, Second Edition

Edited by John B. Davis and Wilfred Dolfsma

Social economics is a dynamic and growing field that emphasizes the key roles social values play in the economy and economic life. This second edition of the Elgar Companion to Social Economics revises all chapters from the first edition, and adds important new chapters to reflect the expansion and development of social economics. The expert contributions explain a wide range of recent developments across different subject areas and topics in the field, mapping out possible directions of future social economic research. Social economics treats the economy and economics as embedded in a web of social and ethical relationships. It considers economics and ethics as essentially connected, and adds values such as justice, fairness, dignity, well-being, freedom, and equality to the standard emphasis on efficiency. This book will be a leading resource and guide to social economics for many years to come.
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Chapter 2: Institutions, culture and values

Anne Mayhew


‘Institutions’, ‘culture’ and ‘values’ have, for more than a century, been key components of the discourse of the social sciences and of social economics. However, what is more interesting than continuity of usage are the great differences in the meaning and importance of the terms within a changing set of sub-discourses. These differences and their evolution will be the focus of this chapter. Across all of the scholarly discussions that I will describe below there is, and has been, a general understanding that institutions are social norms or patterns of action (behavior) and associated emic (which is to say native as opposed to analytical) understandings that vary across time and space. It is also generally agreed that cultures are conglomerations of institutions that are shared by a group of people. Values are aspects of cultures and of institutional patterns. From roughly 1870 to 1940, as the social sciences took their modern and academically organized form, institutions, cultures and values were defined primarily by methods of study. Working definitions were sufficient, given wide consensus about what it was right and important to do as social scientists. In the decades from 1940 until the end of the twentieth century, as this consensus disintegrated, more attention was given to formal definition of the key terms.

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