the economic construction of knowledge

by Sebastian Benthall

We’ve all heard about the social construction of knowledge.

Here’s the story: Knowledge isn’t just in the head. Knowledge is a social construct. What we call “knowledge” is what it is because of social institutions and human interactions that sustain, communicate, and define it. Therefore all claims to absolute and unsituated knowledge are suspect.

There are many different social constructivist theories. One of the best, in my opinion, is Bourdieu’s, because he has one of the best social theories. For Bourdieu, social fields get their structure in part through the distribution of various kinds of social capital. Economic capital (money!) is one kind of social capital. Symbolic capital (the fact of having published in a peer-reviewed journal) is a different form of capital. What makes the sciences special, for Bourdieu, is that they are built around a particular mechanism for awarding symbolic capital that makes it (science) get the truth (the real truth). Bourdieu thereby harmonizes social constructivism with scientific realism, which is a huge relief for anybody trying to maintain their sanity in these trying times.

This is all super. What I’m beginning to appreciate more as I age, develop, and in some sense I suppose ‘progress’, is that economic capital is truly the trump card of all the forms of social capital, and that this point is underrated in social constructivist theories in general. What I mean by this is that flows of economic capital are a condition for the existence of the social fields (institutions, professions, etc.) in which knowledge is constructed. This is not to say that everybody engaged in the creation of knowledge is thinking about monetization all the time–to make that leap would be to commit the ecological fallacy. But at the heart of almost every institution where knowledge is created, there is somebody fundraising or selling.

Why, then, don’t we talk more about the economic construction of knowledge? It is a straightforward idea. To understand an institution or social field, you “follow the money”, seeing where it comes from and where it goes, and that allows you to situated the practice in its economic context and thereby determine its economic meaning.