Another economy calls for another perspective

Abstract

Economics makes sense of the economy. Another economy that may or may not come about in response to the Corona crisis will require another sense making. This article provides a possible alternative perspective, a value-based approach. It includes a model with five spheres that encourages a visualization and conceptualization of the economy beyond the market and governmental spheres that dominate the standard economic perspective. By including social and cultural spheres as well as the sphere of the oikos (home) we are encouraged to think of social arrangements, relationships and other “shared goods,” sense making, culture and other qualities of living. The exploration of another perspective includes two concrete proposals for alternative institutions to deal with problematic debts and creating work for people with limitations.