How does culture impact economic life? Is culture like a ball and chain that actors must lug around as they pursue their material interests? Or, is culture like a tool-kit from which entrepreneurs can draw resources to aid them in their efforts? Or, is being immersed in a culture like wearing a...

1. Introduction -- 2. Economists should study culture -- 3. But economists often misunderstand the relationship between culture and markets -- 4. Economists ought to be looking at the spirits that animate markets -- 5. This does not mean that economists have to abandon economics.