Description:

While neoclassical analysis works well for studying impersonal exchange in markets, it fails to explain why people conduct themselves the way they do in their personal relationships with family, neighbors, and friends. In Humanomics, Nobel Prize-winning economist Vernon L. Smith and his long-time co-author Bart J. Wilson bring their study of economics full circle by returning to the founder of modern economics, Adam Smith. Sometime in the last 250 years, economists lost sight of the full range of human feeling, thinking, and knowing in everyday life. Smith and Wilson show how Adam Smith's model of sociality can re-humanize twenty-first century economics by undergirding it with sentiments, fellow feeling, and a sense of propriety - the stuff of which human relationships are built. Integrating insights from The Theory of Moral Sentiments and the Wealth of Nations into contemporary empirical analysis, this book shapes economic betterment as a science of human beings.

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Review

Advance praise: "The new economics has arrived, a 'humanomics' that leaves the humans in. It banishes the sociopath known as Max U without repopulating the economy with idiots to be nudged by over lords. Humanomics combines the sacred and the profane, just as we do. It is a scientific, and ethical,triumph." Deirdre Nansen McCloskey - University of Illinois at Chicago, author of Bourgeois Equality: How Ideas, Not Capital or Institutions, Enriched the World

Book Description

Articulates Adam Smith's model of human sociality, illustrated in experimental economic games that relate easily to business and everyday life. Shows how to re-humanize the study of economics in the twenty-first century by integrating Adam Smith's two great books into contemporary empirical analysis.