contextual economics

Contextual economics is an approach that considers the broader social, cultural, and environmental factors influencing economic behavior and decisions. Instead of viewing markets and individuals in isolation, it recognizes that economic choices are shaped by relationships, norms, institutions, and circumstances specific to a community or environment. This perspective emphasizes understanding local contexts to develop policies or strategies that are more effective, equitable, and sustainable, acknowledging that economic activity is deeply interconnected with the complex web of human and ecological systems around us.