The social space-time of economic activity

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The author critiques neoclassical economics for eliminating value, reducing the discipline to mere market valuation and portraying the market as a self-regulating entity. This linear approach prioritizes generating instrumental values, focusing solely on profit while neglecting the destructive processes that accompany economic activities. Such a narrow view threatens the sustainability of economic practices. The author advocates for a shift from a linear to a circular economy, emphasizing the preservation and renewal of existing resources alongside the creation of new ones. This transition necessitates reintroducing values into economics, defined in non-utilitarian terms, and recognizing the role of culture as the foundation for community cohesion. Moving from a transactional market to a relational framework requires reshaping social structures, particularly within key organizations like firms, cities, and universities, where values are formed. This is not about finding a universal solution but creating a conceptual space for diverse perspectives. The author's insights on a new economic theory of value consider the broader social and economic context, addressing the need for innovative policies amid global crises and the challenges posed by the digital economy. The interdisciplinary nature of the work will engage researchers across various fields, including economics, philosophy, sociology, history, and political science, and