This article tackles Giorgio Agamben's critique of Michel Foucault's genealogy of governmentality in two ways: first, by presenting an alternative model of the relations between pastoral and theological economy and, second, by conducting a genealogy of the former as revealed in the state of exception, when canon law is suspended. Following the author's genealogy of oikonomia in the state of exception, he argues that politics and economy are distinct from one another by virtue of the fact that the primary relation (...) of the latter is one of inclusion while that of the former is one of exclusion. Finally, the author traces three of oikonomia's prolific qualities in the operation of governmentality in civil society and of market economy: (i) its inclusiveness; (ii) the constant representation of the irreconcilability of law and authority; and (iii) its operation by accommodating to the ways of the governed. (shrink)