Value and money as social power

Valeur et monnaie comme puissance sociale

André Orlean ()
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André Orlean: PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement

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Abstract: Mainstream economics has undergone a profound transformation over the past two decades, aiming to place experimentation at the core of its approach. Its guiding principle is "facts first." In its name, the hypothesis of homo economicus is criticised as overly unrealistic. Our perspective, however, is different. We believe that the true limitation of economic analysis lies in its failure to account for those collective forces that arise when individuals come together as a social body. From the prevailing individualistic standpoint, collectivity is either nothing more than the aggregation of individual decisions or appears as a pre-established rule of engagement. It is never grasped as a distinct entity, in its own coherence, movement, or as a force exerting authority over the group. Drawing inspiration from various researchers, this article seeks to demonstrate that this challenge is not insurmountable. Whether it be the unison of the group (Durkheim), shared affect (Spinoza), or mimetic polarisation (Girard), an identical fundamental mechanism is suggested to explain the authority of communal bonds. This led us to focus more specifically on the question of economic value, as from this new perspective, it may be understood as a collective force —a purchasing power grounded in the shared reverence that currency inspires. Economists would do well to consider integrating their reflections within this conceptual framework.

Keywords: Monetary institution; Monetary community; Social facts; Collective force; Institution monétaire; Communauté monétaire; Faits sociaux; Force collective (search for similar items in EconPapers)
Date: 2024-07
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Published in Revue Française de Socio-Economie, 2024, 2024/2 (33), pp.23-40. ⟨10.3917/rfse.033.0023⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-04814164

DOI: 10.3917/rfse.033.0023

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