An Economic Anthropology Blog
Formalists have dynamics of premodern economies. They assess choices between scarce resources by calculating means, ends, costs and benefits. It is employed by modern economics and is a product of a society in which the economy has been isolated from other areas of social life. Substantivists believe that whatever processes people employ in their relationship with the material world. Goods and services in the substantive economy are produced and distributed through specific cultural contexts. They deal with societies and historical epochs the economy has not been disembedded from other areas of social life, like religion. The science premised on that independence was only appropriate to their own society.
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