160: Arjo Klamer on the Value of Culture and Art in Economics

Arjo Klamer is professor of the Economics of Art and Culture at Erasmus University in Rotterdam, The Netherlands, and holds the world’s only chair in the field of cultural economics. Prior to that and after acquiring his PhD at Duke University, he taught for many years at several universities in the US, including Wellesley College and George Washington University.

In 1984, he attracted a great deal of attention with his Conversations with Economists. He has collaborated with Deirdre McCloskey to promote the rhetorical perspective on economics.

His current research focuses on the cultural dimension of economic life and the values of art.

His latest book ‘Doing the Right Thing: A Value Based Economy’ is part of the conversation in this episode. This book is for all those who are seeking a human perspective on economic and organizational processes. It lays the foundations for a value based approach to the economy.

The value based approach is another economics; it focuses on values and on the most important goods such as families, homes, communities, knowledge, and art. It places economic processes in their cultural context.

The value based approach restores the ancient idea that quality of life and of society is what the economy is all about. It advocates shifting the focus from quantities (“how much?”) to qualities (“what is important?”).

Economics:

In this episode Arjo mentions: Altruism, reciprocity, externalities and animal spirits,

Economists:

In this episode Arjo mentions: Deirdre McCloskey, Russ Roberts, Adam Smith, John Maynard Keynes, F. A. Hayek,

Other Episodes Mentioned in this Conversation:

• 104: Russ Roberts on How Adam Smith Can Change Your Life and the Theory of Moral Sentiments
• 114: Deirdre McCloskey on Equality and Greed and How To Be a Very Good Economist

Books:

• Doing the Right Thing: A Value Based Economy by Arjo Klamer
• The value of culture: On the Relationship Between Economics and Arts by Arjo Klamer
• Conversations with economists by Arjo Klamer
• Bourgeois Equality: How Ideas, Not Capital or Institutions, Enriched the World by Deirdre McCloskey
• Emotional Intelligence: Why It Can Matter More Than IQ by Daniel Coleman

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