WEBVTT Kind: captions; language: en-us NOTE Treffsikkerhet: 91% (HØY) 00:00:01.799 --> 00:00:09.000 okay hello everyone welcome to this sixth lecture in economic anthropology, today we're talking 00:00:09.000 --> 00:00:12.050 about value creation. NOTE Treffsikkerhet: 91% (HØY) 00:00:12.050 --> 00:00:20.800 As usual let's start with taking a little step back before we take two steps forward and I wanted to 00:00:20.800 --> 00:00:28.900 linger one more time on few the key concepts we have introduced so far moral economy, commodity 00:00:28.900 --> 00:00:30.350 fetishism, NOTE Treffsikkerhet: 91% (HØY) 00:00:30.350 --> 00:00:41.800 embedded economy, reciprocity. So your job throughout this course is to start gradually to start to 00:00:41.800 --> 00:00:49.400 operationalize these terms and I wanted to show you what that means how you can an example of how 00:00:49.400 --> 00:00:59.000 you can do that so actually yesterday I thought about these concepts and I thought about this course 00:00:59.000 --> 00:01:00.550 and you guys the students NOTE Treffsikkerhet: 79% (HØY) 00:01:00.550 --> 00:01:06.400 then I guess that says a bit about me that I go around thinking about such things on a Saturday 00:01:06.400 --> 00:01:13.600 night but I came upon another example that highlights some insights from this course and highlight 00:01:13.600 --> 00:01:25.400 some of these the meaning and the applicability of some of these terms. So right now I am in Italy I 00:01:25.400 --> 00:01:30.600 don't know if you can see let's see here yeah it's quite it's evening now NOTE Treffsikkerhet: 91% (HØY) 00:01:30.600 --> 00:01:36.400 but my father is part Italian he lives here half the year NOTE Treffsikkerhet: 86% (HØY) 00:01:45.500 --> 00:01:54.000 it's a bit too dark yeah I guess is a bit too dark but down there I'm up in the second floor of this 00:01:54.000 --> 00:02:06.400 house, down below here he was throwing a party yesterday he had a dinner with friends NOTE Treffsikkerhet: 79% (HØY) 00:02:07.500 --> 00:02:18.950 and something interesting happened. He asked the local chef in this area he has a restaurant down in the 00:02:18.950 --> 00:02:25.500 valley this is a small village in Piemonte in Northern Italy. He asked the local chef to come over to 00:02:25.500 --> 00:02:34.200 make a barbecue for the guests so my father and his wife they hired him as a chef for 00:02:34.200 --> 00:02:36.250 the whole evening in fact for NOTE Treffsikkerhet: 77% (HØY) 00:02:36.250 --> 00:02:44.900 Most of the day and this this chef he came and made this incredible four-course meal for my father's 00:02:44.900 --> 00:02:52.800 friends and the chef was there, he was barbecuing from around I think lunchtime until 8:00 9:00 in 00:02:52.800 --> 00:03:02.500 the evening when it was dark just like it is now. The food was incredible the dessert was great it 00:03:02.500 --> 00:03:06.200 was as I said I think it was four or five or three, it was a bunch NOTE Treffsikkerhet: 87% (HØY) 00:03:06.200 --> 00:03:17.000 of plates so it was a big thing. Now one question was a bit unclear, how much were they going to pay 00:03:17.000 --> 00:03:25.050 the chef. What was actually the economic transaction that was taking place? my father and the chef 00:03:25.050 --> 00:03:31.100 hadn't really talked in detail about the price but the chef said kind of casually he would cover 00:03:31.100 --> 00:03:35.050 around 18 Euros per person NOTE Treffsikkerhet: 75% (MEDIUM) 00:03:35.050 --> 00:03:41.500 that was his price for coming making these four courses and my father got really embarrassed not 00:03:41.500 --> 00:03:46.900 because it was so expensive but actually the opposite, this is too cheap the chef 00:03:46.900 --> 00:03:52.900 had come there and spend the whole day he'd made a four-course meal, he cooked and 00:03:52.900 --> 00:03:59.200 organized everything he bought the food prepared it, broke the tools, the barbecue is a big thing, his 00:03:59.200 --> 00:04:04.850 daughter even came along to help and serve the food and then they would only cover 18 NOTE Treffsikkerhet: 85% (HØY) 00:04:04.850 --> 00:04:12.100 Euros per head I will not accept it said my father, it's out of the question. He insisted on paying 00:04:12.100 --> 00:04:20.300 more nothing less than 20 euros per head, and hopefully even more but to pay just 18 Euros that was no 00:04:20.300 --> 00:04:28.600 way. So of course, we could unpack this example using concepts and insights from economic 00:04:28.600 --> 00:04:31.950 anthropology and I want you to do things like this NOTE Treffsikkerhet: 87% (HØY) 00:04:31.950 --> 00:04:36.800 look around see if you can use some of what we've talked about in this course to understand the 00:04:36.800 --> 00:04:46.750 world around you so first obviously here is is a case of moral economy, of morality involved in an 00:04:46.750 --> 00:04:53.450 economic transaction just as there was obviously an upper limit as there as we're used to you know 00:04:53.450 --> 00:04:57.650 there was an upper limit to how much he would pay the chef. NOTE Treffsikkerhet: 91% (HØY) 00:04:57.650 --> 00:05:05.000 There was also apparently a limit to how little my father was willing to pay a man who had been 00:05:05.000 --> 00:05:12.200 laboring in his garden preparing food sweating the whole day, even though in strictly economic terms 00:05:12.200 --> 00:05:19.050 doesn't make so much sense to negotiate a price upwards yet this is what my father insisted on doing 00:05:19.050 --> 00:05:23.900 and not I think because I think he is a great man or anything like that but because there was something in 00:05:23.900 --> 00:05:28.100 the context that was interesting that happened, that made him NOTE Treffsikkerhet: 77% (HØY) 00:05:28.100 --> 00:05:35.950 conclude that to him the chefs labor was worth more than just $18 per person. NOTE Treffsikkerhet: 88% (HØY) 00:05:35.950 --> 00:05:44.900 Why is that? why on Earth did he insist on paying him more? and we can consider two parts of an 00:05:44.900 --> 00:05:52.200 explanation proximity and reciprocity. So proximity closeness and this brings us into discussion with 00:05:52.200 --> 00:05:59.000 materials that we've had so far in this course remember EP Thompson's case material from last week as 00:05:59.000 --> 00:06:05.600 was the case for England in the Seventeen hundreds it was proximity it was closeness between the 00:06:05.600 --> 00:06:06.400 laborer NOTE Treffsikkerhet: 78% (HØY) 00:06:06.400 --> 00:06:12.450 the chef and the purchaser of the labor, my father. NOTE Treffsikkerhet: 91% (HØY) 00:06:12.450 --> 00:06:14.600 NOTE Treffsikkerhet: 85% (HØY) 00:06:16.500 --> 00:06:23.400 Remember likewise in England how these popular crowds would make their way directly to the millers 00:06:23.400 --> 00:06:29.300 or to the bakers who live and work close to the people to complain about the prices in 1700s 00:06:29.300 --> 00:06:35.500 England people were not far removed from the labor process that brought them the bread, no they 00:06:35.500 --> 00:06:40.500 actually they knew the people often who cut the fields who milled the flour who bake the bread they 00:06:40.500 --> 00:06:47.200 saw and they recognize the human relationship that went into making these products similarly my NOTE Treffsikkerhet: 88% (HØY) 00:06:47.200 --> 00:06:55.800 father when he was standing down there astonished at how little he would cover this he would he 00:06:55.800 --> 00:07:07.400 would ask this chef he saw this man working with this hands whole day in the garden, the 00:07:07.400 --> 00:07:16.100 Chefs efforts were visible he stood in the garden, man in flesh and blood and labored alongside his 00:07:16.100 --> 00:07:17.150 daughter who was also NOTE Treffsikkerhet: 81% (HØY) 00:07:17.150 --> 00:07:24.350 also there, so my father's guests would enjoy a great meal and I think a 00:07:24.350 --> 00:07:30.200 part of the explanation for why he decided to negotiate up the price and insisted on paying more 00:07:30.200 --> 00:07:37.200 comes from this intimacy it made it much harder I think my father and I believe anyone to pay 00:07:37.200 --> 00:07:42.300 anything less than a decent price for the labor NOTE Treffsikkerhet: 91% (HØY) 00:07:42.400 --> 00:07:51.800 and here comes you know my father's culturally and historically constructed sense of what labor is 00:07:51.800 --> 00:07:53.049 worth. NOTE Treffsikkerhet: 87% (HØY) 00:07:53.049 --> 00:08:01.450 Given the closeness to the laborer it felt embarrassing to pay him anything less 00:08:01.450 --> 00:08:10.000 anything less than say 20 or 20 something euros to paying something as little as eighteen euros. NOTE Treffsikkerhet: 76% (HØY) 00:08:11.800 --> 00:08:20.500 Of course this example is then the opposite of the disembedded economy as its described by 00:08:20.500 --> 00:08:30.100 Polanyi and others in this course the opposite indeed of commodity fetishism second concept here how 00:08:30.100 --> 00:08:35.000 is that the opposite of commodity fetishism? remember the term commodity fetishism is one of these 00:08:35.000 --> 00:08:41.600 technical terms on the syllabus that NOTE Treffsikkerhet: 87% (HØY) 00:08:41.799 --> 00:08:48.700 I gave you I tried to teach you and by way of an example of the screen that you're looking at this 00:08:48.700 --> 00:08:56.700 right here and how of course there is a human being in fact the whole range of human beings that 00:08:56.700 --> 00:09:02.650 have labored in order to produce this screen and bring it to your desk or wherever you're watching 00:09:02.650 --> 00:09:06.900 looking into it they made machines that help produce the screen. NOTE Treffsikkerhet: 78% (HØY) 00:09:06.900 --> 00:09:15.100 However, because of the modern division of labor because of the long chains of commodity they were 00:09:15.100 --> 00:09:23.500 long chains of labor that go into producing this commodity this sweat these human relations they are 00:09:23.500 --> 00:09:31.700 invisible and they remain unrecognised by the consumer, the end commodity the screen that 00:09:31.700 --> 00:09:36.000 we're looking at in front of us appears of something NOTE Treffsikkerhet: 83% (HØY) 00:09:36.000 --> 00:09:39.900 Else than what it actually is NOTE Treffsikkerhet: 91% (HØY) 00:09:41.200 --> 00:09:43.650 it's a fetish NOTE Treffsikkerhet: 77% (HØY) 00:09:43.650 --> 00:09:50.000 which literally means an object that appears to be something else than what it is. There's magic 00:09:50.000 --> 00:09:56.500 involved, which makes the value of the commodity seems to come from the 00:09:56.500 --> 00:10:06.400 thing in itself and not from the labor that went into making it, so commodity fetishism is the term 00:10:06.400 --> 00:10:13.000 for the process through which people begin to forget the hands and humans that made the object or 00:10:13.000 --> 00:10:13.900 the service, you NOTE Treffsikkerhet: 87% (HØY) 00:10:13.900 --> 00:10:20.100 cut out the context and you're left with a commodity that seems to be worth something in itself 00:10:20.100 --> 00:10:28.100 to have value in itself as a thing, but of course in the case of the chef in the garden the opposite 00:10:28.100 --> 00:10:35.450 is the case so the hands that went into producing the food that my father bought for his guests NOTE Treffsikkerhet: 75% (MEDIUM) 00:10:35.450 --> 00:10:38.099 were literally visible NOTE Treffsikkerhet: 90% (HØY) 00:10:38.099 --> 00:10:42.050 there was a close human relationship NOTE Treffsikkerhet: 84% (HØY) 00:10:42.050 --> 00:10:51.600 neither the consumers nor the maker were alienated from the process the products of his labor the 00:10:51.600 --> 00:11:01.200 chefs labor which was the meal. So that made me think what if in outside here in the garden there 00:11:01.200 --> 00:11:12.150 would be someone working through something else let's say two Bangladeshi 19 year old NOTE Treffsikkerhet: 91% (HØY) 00:11:12.150 --> 00:11:15.600 women producing NOTE Treffsikkerhet: 91% (HØY) 00:11:17.700 --> 00:11:19.750 t-shirt NOTE Treffsikkerhet: 85% (HØY) 00:11:19.750 --> 00:11:22.250 which they do for H&M NOTE Treffsikkerhet: 89% (HØY) 00:11:22.250 --> 00:11:27.500 and let's say that they would work for hours and hours and you pay them only five kroners for their 00:11:27.500 --> 00:11:28.650 labor NOTE Treffsikkerhet: 91% (HØY) 00:11:28.650 --> 00:11:34.550 or something like that ridiculous, would you be able to do that? NOTE Treffsikkerhet: 91% (HØY) 00:11:34.550 --> 00:11:42.500 would you be able to pay them this little amount if you saw the labor if you had proximity to it NOTE Treffsikkerhet: 91% (HØY) 00:11:42.500 --> 00:11:51.800 I think not. This is why commodity fetishism which is again the process of magically removing NOTE Treffsikkerhet: 91% (HØY) 00:11:51.800 --> 00:11:59.400 the labor history removing the context around that produces a commodity, this is why commodity fetishism is so 00:11:59.400 --> 00:12:03.400 important for capitalism to function. NOTE Treffsikkerhet: 91% (HØY) 00:12:03.400 --> 00:12:05.450 NOTE Treffsikkerhet: 78% (HØY) 00:12:05.450 --> 00:12:10.099 The element of reciprocity, beyond this NOTE Treffsikkerhet: 86% (HØY) 00:12:10.099 --> 00:12:16.400 proximity factor the closeness of the relationship the second element I think to consider in this 00:12:16.400 --> 00:12:27.300 transaction between my father and the chef is reciprocity. So my father has ties that lasts with a number 00:12:27.300 --> 00:12:33.500 of chefs in this area in Northern Italy and particularly with this one they visit his restaurant 00:12:33.500 --> 00:12:39.200 almost every week, often several times a week. NOTE Treffsikkerhet: 85% (HØY) 00:12:39.200 --> 00:12:44.400 There's a lasting relationship and always I know that when my father takes his 00:12:44.400 --> 00:12:50.300 guests from Norway or from work or from elsewhere to this chefs restaurant to eat and pay he 00:12:50.300 --> 00:12:58.400 often gets a very good service lower price on other occasions in other words their relationship is 00:12:58.400 --> 00:13:05.500 not a pure market relationship they exchange gifts and vegetables from their gardens NOTE Treffsikkerhet: 86% (HØY) 00:13:05.600 --> 00:13:12.800 people in their friend circle know each other who visit this restaurant, NOTE Treffsikkerhet: 91% (HØY) 00:13:13.800 --> 00:13:21.900 besides my father gets invited to the same community events as this chef it's not unlikely that 00:13:21.900 --> 00:13:31.900 if someone in my father's family would have a wedding in this village we would invite the chef 00:13:31.900 --> 00:13:37.100 so both the chef and my father feel invested in the community here they want to treat 00:13:37.100 --> 00:13:42.550 each other in a certain way as co-members of a community there's a reciprocal NOTE Treffsikkerhet: 65% (MEDIUM) 00:13:42.550 --> 00:13:45.600 record logic to the transaction. NOTE Treffsikkerhet: 91% (HØY) 00:13:45.600 --> 00:13:53.400 There's an element of reciprocity involved it's not an isolated one of market exchange that happened 00:13:53.400 --> 00:13:57.100 out here in the garden last night NOTE Treffsikkerhet: 91% (HØY) 00:13:57.800 --> 00:14:01.800 it's an ongoing debt relationship, NOTE Treffsikkerhet: 84% (HØY) 00:14:03.400 --> 00:14:12.550 based on not only on the logic of the market exchange but it has some of the flavour of a gift. NOTE Treffsikkerhet: 79% (HØY) 00:14:12.550 --> 00:14:19.100 This is why we can finally borrow a term from Polanyi instead of this is the case not of dis- 00:14:19.100 --> 00:14:27.200 embedded economy but a case of a how an economic transaction how much should the chef get paid for 00:14:27.200 --> 00:14:36.700 his labor how this transaction is interwoven embedded within a wider network of 00:14:36.700 --> 00:14:40.350 community and reciprocal obligation. NOTE Treffsikkerhet: 82% (HØY) 00:14:40.350 --> 00:14:48.800 This is a long step back now for the to two steps forward, today's topic is what is value how 00:14:48.800 --> 00:14:53.600 did things get value and as we see in this example from my father yesterday or something I'll say 00:14:53.600 --> 00:15:01.800 again and again in these lectures is is how the question of value of economic value in this case the price 00:15:01.800 --> 00:15:10.100 of a service is interwoven with a whole range of quote-unquote non-economic concerns NOTE Treffsikkerhet: 91% (HØY) 00:15:10.100 --> 00:15:18.500 a sense of community, a feeling of physical or reality of physical proximity closeness 00:15:18.500 --> 00:15:25.050 culturally meaningful notions of fairness that all go into this NOTE Treffsikkerhet: 74% (MEDIUM) 00:15:25.050 --> 00:15:35.400 transaction this exchange. Now let's get a bit deeper into this question of value what is value to do 00:15:35.400 --> 00:15:44.200 that I thought we'd start by listening to some music so we've already met this great social theories 00:15:44.200 --> 00:15:51.300 couple Vito Corleone and Buona Sera from the movie The Godfather you remember from the lecture on 00:15:51.300 --> 00:15:54.550 gifts and commodities we made use of their insights to understand NOTE Treffsikkerhet: 91% (HØY) 00:15:54.550 --> 00:16:01.800 the distinction between gifts and commodities, gift exchange and commodity exchange. Let's now get to 00:16:01.800 --> 00:16:06.500 know another esteemed social theorist NOTE Treffsikkerhet: 91% (HØY) 00:16:07.100 --> 00:16:10.600 her name is Jennifer Lopez. NOTE Treffsikkerhet: 91% (HØY) 00:16:11.900 --> 00:16:14.600 Listen to this. NOTE Treffsikkerhet: 87% (HØY) 00:16:22.200 --> 00:16:24.800 Hello, Hi! You're not going to be able to make it? NOTE Treffsikkerhet: 71% (MEDIUM) 00:17:49.700 --> 00:17:52.300 all right, I got it. NOTE Treffsikkerhet: 91% (HØY) 00:17:54.900 --> 00:17:57.400 No I wish that you could have been here instead of the bracelet, the last thing I need is another bracelet. (J.Lo starts singing 'love don't cost a thing' NOTE Treffsikkerhet: 89% (HØY) 00:17:58.300 --> 00:18:08.950 I think JLo is telling us something that we already intuitively know, namely that 00:18:08.950 --> 00:18:15.900 there's a limit to what money can buy, and of course the Beatles said this already I think in 1964 00:18:15.900 --> 00:18:21.050 another example of how NOTE Treffsikkerhet: 77% (HØY) 00:18:21.050 --> 00:18:31.000 popular culture captures intuitive cultural insight with their song 'Can't Buy Me Love' anyway I grew 00:18:31.000 --> 00:18:40.400 up with this song. What JLo is saying is that everything is not exchangeable with everything, money 00:18:40.400 --> 00:18:51.850 can't buy someone's love and this is a right as well with the sense in our value system that NOTE Treffsikkerhet: 85% (HØY) 00:18:51.850 --> 00:19:06.100 again there are limits to what you can purchase for money and so this is obviously an 00:19:06.100 --> 00:19:12.600 example a very easy example of what we've been talking about partly moral economy, but if you 00:19:12.600 --> 00:19:20.100 carefully listen to this video you wouldn't notice that it's not just so easy as to say love is 00:19:20.100 --> 00:19:21.800 completely free from NOTE Treffsikkerhet: 85% (HØY) 00:19:21.800 --> 00:19:31.200 from human exchange because even though JLo is saying my love don't cost a thing, I'm not quite 00:19:31.200 --> 00:19:38.000 sure I think that is the end of the story it's obvious that she wants something from this man. NOTE Treffsikkerhet: 90% (HØY) 00:19:38.000 --> 00:19:45.300 it's just that she doesn't want to be given golden rings alone she wants something else. NOTE Treffsikkerhet: 87% (HØY) 00:19:45.300 --> 00:19:52.100 when you think of it the love that JLo is seeking does involve a transfer of something it's a 00:19:52.100 --> 00:19:58.500 relationship she seems to be saying in the intro to the clip that her love costs participation 00:19:58.500 --> 00:20:05.600 she expects that the man give more of his time by actually showing up by being there NOTE Treffsikkerhet: 91% (HØY) 00:20:05.600 --> 00:20:11.500 as most of us think do in romantic relationships she wants a certain kind of public and private 00:20:11.500 --> 00:20:19.500 display of affection, and these are ways of giving someone value. You don't value me it seems like 00:20:19.500 --> 00:20:22.850 she's saying I wish you were here instead. NOTE Treffsikkerhet: 91% (HØY) 00:20:22.850 --> 00:20:26.250 all that matters is that you treat me right. NOTE Treffsikkerhet: 85% (HØY) 00:20:26.250 --> 00:20:34.600 so her sense of value her love comes from a man giving certain non-monetary things, his time, his 00:20:34.600 --> 00:20:37.500 devotion, her love cannot be bought. NOTE Treffsikkerhet: 87% (HØY) 00:20:37.500 --> 00:20:41.700 Remember in the same way that the services NOTE Treffsikkerhet: 82% (HØY) 00:20:41.700 --> 00:20:51.700 of The Godfather cannot be bought by this guy Buona Sera in the clip from The Godfather 00:20:51.700 --> 00:20:58.200 as remember wants The Godfather Vito Corleone to kill or at least badly injure or maim some men that 00:20:58.200 --> 00:21:04.300 assaulted his daughter, but Vito then gets insulted when Buona Sera tries to pay money how 00:21:04.300 --> 00:21:12.150 much should I pay you, what does it cost in economic terms? No says NOTE Treffsikkerhet: 83% (HØY) 00:21:12.150 --> 00:21:18.250 Corleone he wants legions he wants friendship it says an invitation NOTE Treffsikkerhet: 91% (HØY) 00:21:18.250 --> 00:21:22.150 for a cup of coffee would have been nice NOTE Treffsikkerhet: 91% (HØY) 00:21:22.150 --> 00:21:26.100 and then he'd do it. NOTE Treffsikkerhet: 88% (HØY) 00:21:26.600 --> 00:21:38.000 all right so what does this have to do with value? the point here is this, that value can come to 00:21:38.000 --> 00:21:46.650 be can be produced by very different things. Value can be different things depending on context NOTE Treffsikkerhet: 91% (HØY) 00:21:46.650 --> 00:21:50.500 and that is a key takeaway from this lecture. NOTE Treffsikkerhet: 86% (HØY) 00:21:50.500 --> 00:21:57.400 The question of value in human society is always a question of social context, 00:21:57.400 --> 00:22:03.700 there's a relationship between value and social context that we explore in these texts it might seem 00:22:03.700 --> 00:22:09.100 obvious but it is a key takeaway for anthropology NOTE Treffsikkerhet: 87% (HØY) 00:22:09.100 --> 00:22:18.700 value can be someone driving to see you giving their time showing up in the video of JLo it can be 00:22:18.700 --> 00:22:26.700 the cup of coffee in the form of a gift which can be worth more than ten thousand dollars which 00:22:26.700 --> 00:22:35.300 can lead someone to kill for you or to carry out your revenge in a way that money never can but of 00:22:35.300 --> 00:22:40.000 course in many contexts money can be a good measure NOTE Treffsikkerhet: 77% (HØY) 00:22:40.000 --> 00:22:47.200 functions as a good measure of value money is incredibly valuable in some kind of context when 00:22:47.200 --> 00:22:56.100 buying groceries let's say or buying a house on the modern housing market in Oslo, but it's 00:22:56.100 --> 00:22:58.500 not the end of the story. NOTE Treffsikkerhet: 86% (HØY) 00:22:58.500 --> 00:23:07.700 In fact money is almost useless in value not worth anything in other contexts as when 00:23:07.700 --> 00:23:11.250 attempting to buy love NOTE Treffsikkerhet: 91% (HØY) 00:23:11.250 --> 00:23:21.700 or attempting to get Vito's friendship favour so the question of value in human society is always a 00:23:21.700 --> 00:23:24.300 question of social contexts. NOTE Treffsikkerhet: 91% (HØY) 00:23:26.800 --> 00:23:30.750 Okay NOTE Treffsikkerhet: 77% (HØY) 00:23:30.750 --> 00:23:36.000 Anthropologists are of course not alone in trying to understand this big question of value, it is 00:23:36.000 --> 00:23:47.800 the heart of economics political economy, philosophy and in neoclassical economics the conventional 00:23:47.800 --> 00:23:54.100 the mainstream economics now has a theory known as the theory of marginal utility. NOTE Treffsikkerhet: 84% (HØY) 00:23:54.100 --> 00:23:59.900 you can Google or look it up on Wikipedia, but it basically says that value is more or less 00:23:59.900 --> 00:24:02.050 equivalent with price. NOTE Treffsikkerhet: 87% (HØY) 00:24:02.050 --> 00:24:10.900 This is a dominant theory of value based on the model of homo economicus the ideal rational economic 00:24:10.900 --> 00:24:21.500 actor who acts in a market under assumed with a certain kind of profit-seeking 00:24:21.500 --> 00:24:26.000 motive as a driving force NOTE Treffsikkerhet: 91% (HØY) 00:24:26.000 --> 00:24:27.949 so this NOTE Treffsikkerhet: 77% (HØY) 00:24:27.949 --> 00:24:36.100 this theory of value within mainstream economic theory says that the valuable thing is a 00:24:36.100 --> 00:24:43.600 term and not by the labor that goes into it, but by the price that someone is willing to give for it, NOTE Treffsikkerhet: 89% (HØY) 00:24:44.100 --> 00:24:49.650 for our purposes we won't get further into this NOTE Treffsikkerhet: 84% (HØY) 00:24:49.650 --> 00:24:55.900 Theory, but for our purposes let's just say that anthropologists have not been satisfied with 00:24:55.900 --> 00:24:57.449 this account NOTE Treffsikkerhet: 91% (HØY) 00:24:57.449 --> 00:25:00.050 because there is NOTE Treffsikkerhet: 67% (MEDIUM) 00:25:00.050 --> 00:25:02.400 for one NOTE Treffsikkerhet: 75% (MEDIUM) 00:25:02.900 --> 00:25:10.900 so much that is valuable in human life the friendship of Vito Corleone or Jennifer Lopez's love 00:25:10.900 --> 00:25:21.000 or anyone's love it is not measured well in terms of price money moreover much of what is measured 00:25:21.000 --> 00:25:27.250 in money seems to be determined by a non economic or non Market dynamic NOTE Treffsikkerhet: 88% (HØY) 00:25:27.250 --> 00:25:35.700 this is purely we remember how people's moral sense of a fair price contributed determining the 00:25:35.700 --> 00:25:41.400 price of bread in the century that EP Thompson studied for us. NOTE Treffsikkerhet: 78% (HØY) 00:25:41.500 --> 00:25:48.400 Or remember there's a sense of a threshold of minimum subsistence and not the 00:25:48.400 --> 00:25:56.700 possibility for profit that was what mattered among the peasants of James Scott's text, or in fact 00:25:56.700 --> 00:26:01.900 in the case of my father here in Italy there were other things that economic rationality NOTE Treffsikkerhet: 89% (HØY) 00:26:01.900 --> 00:26:12.500 or profit motive that also contributed to determining the price of the chef's services NOTE Treffsikkerhet: 88% (HØY) 00:26:12.500 --> 00:26:14.650 here yesterday. NOTE Treffsikkerhet: 91% (HØY) 00:26:14.650 --> 00:26:23.900 So a second deeply influential taken value comes from political economy this is a tradition that is 00:26:23.900 --> 00:26:31.200 expired and often associated with Marxism but which also in fact encompasses in this particular 00:26:31.200 --> 00:26:37.400 example the question of value it, encompasses the classical economists like Adam Smith or 00:26:37.400 --> 00:26:43.950 David Ricardo indeed, for them these this distinction between use value NOTE Treffsikkerhet: 82% (HØY) 00:26:43.950 --> 00:26:54.250 an exchange value was familiar and they all wrote about this ?private? NOTE Treffsikkerhet: 90% (HØY) 00:26:54.250 --> 00:27:01.600 dividing the question of value into two categories, and we've seen partly this distinction of 00:27:01.600 --> 00:27:06.150 use-value and exchange-value pop up at various points NOTE Treffsikkerhet: 79% (HØY) 00:27:06.150 --> 00:27:16.400 in this course remember Karl Polanyi and James Scott, Polanyi writing about house holding 00:27:16.400 --> 00:27:24.250 as a principle for many economic systems that is producing things for use 00:27:24.250 --> 00:27:34.000 and not for exchange, or James Scott on subsistence peasants production for use not for profit, and of 00:27:34.000 --> 00:27:36.150 course use value if we NOTE Treffsikkerhet: 89% (HØY) 00:27:36.150 --> 00:27:44.200 stick to that for a second is what use you have for a thing the value we ascribe to it by its 00:27:44.200 --> 00:27:51.199 potential usage, how useful something is to us producing wheat let's say for your own consumption NOTE Treffsikkerhet: 80% (HØY) 00:27:51.199 --> 00:28:00.700 or your family's consumption is production for use, producing it for profit or sale is production for NOTE Treffsikkerhet: 91% (HØY) 00:28:00.700 --> 00:28:03.300 exchange value. NOTE Treffsikkerhet: 82% (HØY) 00:28:03.300 --> 00:28:08.700 We can extend extend this to say a chair NOTE Treffsikkerhet: 77% (HØY) 00:28:09.000 --> 00:28:19.600 Chair has a market value you go online and you Google this image and you find what it's worth, is an 00:28:19.600 --> 00:28:27.200 exchange value it's worth something in the market, and of course it also has a use value which is 00:28:27.200 --> 00:28:33.500 based on your immediate relation to it, this chair can mean something to you and you alone let's say 00:28:33.500 --> 00:28:37.950 if you were a kid you'd sit on it and ride it like a horse or if NOTE Treffsikkerhet: 81% (HØY) 00:28:37.950 --> 00:28:45.900 you don't have kids you or if you have a hundred chairs you have no use for it, so they're different 00:28:45.900 --> 00:28:55.100 uses that you can determine however you cannot in the same way determine the exchange value of the 00:28:55.100 --> 00:28:56.100 chair NOTE Treffsikkerhet: 91% (HØY) 00:28:56.100 --> 00:29:03.800 that's based on mechanisms that lie beyond your control NOTE Treffsikkerhet: 91% (HØY) 00:29:06.000 --> 00:29:15.000 but you could say also with the ethnography we've had on this course could 00:29:15.000 --> 00:29:20.600 challenge a bit also this clear distinction between use-value and exchange-value, and at least a 00:29:20.600 --> 00:29:26.350 narrow understanding of use value because there are things that seem very valuable that seemed 00:29:26.350 --> 00:29:28.400 kind of useless NOTE Treffsikkerhet: 91% (HØY) 00:29:29.300 --> 00:29:40.200 what is the use value of Kula object remember you couldn't use even many of these are shells 00:29:40.200 --> 00:29:47.000 but you couldn't use these bracelets and you couldn't show them off by wearing them because they were too 00:29:47.000 --> 00:29:52.600 small it had at least no obvious use value NOTE Treffsikkerhet: 91% (HØY) 00:29:53.300 --> 00:30:00.300 so that opens up the question what is the ethnographic take? NOTE Treffsikkerhet: 91% (HØY) 00:30:00.300 --> 00:30:09.300 There are people who work in anthropology with this distinction of 00:30:09.300 --> 00:30:16.199 use-value and exchange-value but I think it would be right to say that the ethnographic take NOTE Treffsikkerhet: 86% (HØY) 00:30:16.199 --> 00:30:21.150 is to work from the data up NOTE Treffsikkerhet: 83% (HØY) 00:30:21.150 --> 00:30:28.700 and not from an preconceived anthropological distinction and downwards so to speak, to explain local 00:30:28.700 --> 00:30:39.100 systems of value and we read such descriptions for this week Barth, Dolan and Zaloom. 00:30:39.200 --> 00:30:45.200 Although they are very different they all agree they have this inductive approach NOTE Treffsikkerhet: 91% (HØY) 00:30:45.200 --> 00:30:48.300 this bottom-up approach NOTE Treffsikkerhet: 91% (HØY) 00:30:49.600 --> 00:30:56.000 they agree that social systems that they study have a logic that makes most sense when taking a 00:30:56.000 --> 00:31:03.350 particular historical and local context into consideration, the texts for this week and we can in anthropology 00:31:03.350 --> 00:31:12.300 in general concur that to understand what value is you have to understand it as it comes 00:31:12.300 --> 00:31:19.500 into being it's lived context in its lived practice you can never understand predict or determine 00:31:19.500 --> 00:31:20.300 The full NOTE Treffsikkerhet: 83% (HØY) 00:31:20.300 --> 00:31:27.450 value without looking closely at the facts of a given setting the way people interpret these facts, 00:31:27.450 --> 00:31:38.900 how people make a moral meaningful moral universe and how these notions locally 00:31:38.900 --> 00:31:44.900 meaningful notions influence and produce economic life. NOTE Treffsikkerhet: 82% (HØY) 00:31:47.900 --> 00:31:58.800 So to understand and we'll get to this, to understand what value is for Jennifer Lopez or what value 00:31:58.800 --> 00:32:03.600 for Vito Corleone on the day of his daughter's wedding remember these two examples that we have now 00:32:03.600 --> 00:32:07.300 to understand this you cannot just go with the theory of supply and demand NOTE Treffsikkerhet: 78% (HØY) 00:32:07.300 --> 00:32:14.700 a theory of exchange value you have to understand something about their social context value 00:32:14.700 --> 00:32:16.450 And practice NOTE Treffsikkerhet: 86% (HØY) 00:32:16.450 --> 00:32:23.550 something about the society and question even the situation that particular situation in question NOTE Treffsikkerhet: 85% (HØY) 00:32:23.550 --> 00:32:31.200 again we need to dive into the lived social context in order to understand how value is created 00:32:31.200 --> 00:32:38.700 value is a social concern and what anthropology does is that it when it comes to the question 00:32:38.700 --> 00:32:47.500 of value it broadens the lens that we take that we use to understand what it is, seeing how value is 00:32:47.500 --> 00:32:54.100 a question that involves yes price apply man but often much more than that ethnography NOTE Treffsikkerhet: 91% (HØY) 00:32:54.100 --> 00:33:04.300 takes in more. Notions of prestige in the sense of the Kula, loyalty, notions of fairness and 00:33:04.300 --> 00:33:10.600 Community think of my father and the moral economy of the English crowd notions of shame we'll get 00:33:10.600 --> 00:33:16.400 to that in a minute in Barth's text these are all things that can come together and shape and 00:33:16.400 --> 00:33:18.000 produce value NOTE Treffsikkerhet: 80% (HØY) 00:33:18.000 --> 00:33:27.400 and so let's get into now the one of the key text for this week a piece by Barth but before that let's 00:33:27.400 --> 00:33:32.300 take a quick break I think I would value that.