Name: Vlada Sotchi

Student nr. : 491211

Reading: Klamer (2017) Doing the Right Thing. Chapters 1-4

Values of Culture- Reflection No.1

The author of this book starts with presenting the concept of ''oikos'' which is the original
meaning for economics coming from the word home in Greek. He then talks about what oikos means
for him personally by sharing the differences between house and home. House represents the
concrete walls and the building itself where he lives with his family and which has a specific monetary
price. His home, on the other hand, represents all he shares with his family: atmosphere, furniture,
memories etc. which do not have a monetary price and cannot be bought or sold. Oikos is what shapes
us, what we grow up with and what we later create ourselves.
Home also stands for culture and content with oikos being a good metaphor for society: it is
not about the walls it is in, but about the values, moments and practises that are shared by those
inside this something and those things should be the focus of their attention which in the end will
create financial clarity. Thus, the author concluded that we have to focus on the content and on the
qualities that really matter and not on the financial part only, which in the end means the process of
realizing our oikos.
Klamer distinguishes 3 interpretations of culture which can also be quite problematic, thus
their usage should be done carefully. Culture might be something to someone and completely
different to another which is why is important to be careful with it. In the end the economic
circumstances are condition for its existence while the quality of culture is what actually counts for
oikos.
Klamer tries to make sense of culture in relation to economy, thus the ''culture matters''
position has consequences. He says that there are different types of scholars with different positions
on the role of culture. Culturalists: focus on cultural processes and discuss nothing else and offer little
to no insight into the financial aspects of their fields. They suggest that culture stands alone. In their
case culture is all that matters. Standard economists: the opposite; discussions aim on the financial
aspects of life, on the instrumental part. Culture does not figure into those discussions. However,
recently scholars stopped being one-sided, exploring the relationship between economy and culture
which in my opinion matters a lot in the today's discussion of the values of culture.
He then brings up the term “conversation” as a metaphor and proposes 6 conversations on
the relationship between culture, economy, economics, and the arts. These conversations have
different views on the involvement of collaboration of culture and economics, for example in the form
“culture does not matter for economics and the economy” conversation and the “economy does not
matter to culture'' while also stating ''economics matters to culture” or ''the “economy is embedded
in culture”. He concludes that indeed economics is important to culture and vice versa.
Finally, the author also speaks of values as something relevant or important to us, realizing
values by being aware of them or making them real and that we need to consider our values and those
of others. Acting upon our values in pursuit of some good or another, and applying all available
knowledge in doing so, is called phronesis. Phronesis is practical wisdom. It is by phronesis that we
figure out what is the right thing to do and making sense of complicated processes. It is what makes
us realize whether or not an action was right.
Klamer looks at culture from a broad perspective while taking in account multiple
circumstances and elements of our daily life. It all comes down to culture being important in all aspects
and based on our personal values as well as those of others, we must make good decisions through
phronesis.