Curious contracts : pension fund redesign for the future
By Theo P. Kocken (Vrije Universiteit Amsterdam)
Klamer’s approach of the culture of economics is relevant and applicable to investing, because culture is an extension of rhetoric and relates to uncertainty. Uncertainty, a feeling of anxiety, is handled by culture. With culture, Klamer focusses on substantial instead of instrumental rationality, and advocates value ethics. In Klamer’s approach values and conversations are central. The values of a culture are not evident and therefore have to be interpreted. Emerging from my personal observations, the interviews, the literature, and the book, the prime shared values of Dutch institutional investors are wealth, optimism, and rationalism. The archetypical conversations of investors are about ‘The market and the economy,’ ‘Talk by the model,’ ‘Money must be put to work,’ and ‘Doubt and reassurance.’
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