Abstract

An economy of values: Between price and the hidden hand of culture The term value is commonly used to describe key economic processes and refers to objects, people, economy, and economics. Among the many issues relevant to the relationship of culture and economy the use of the term value in reference to the object — especially in the context of utility value and exchange value — is of particular interest. In cultural studies, a mark-to-market utility is combined with existential i.e.biological and psychological requirements and civilizational advance, which stand in opposition to culture. The author indicates, however, that the sources of the utility of merchandise purchased on a daily basis are manifold and are nowadays primarily related to cultural preferences. As a consequence, the possibility of replacing the current economic model with a more sustainable one is largely blocked by the hidden hand of culture.

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