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Humanomics: Moral Sentiments and the Wealth of Nations for the Twenty-First Century (Cambridge Studies in Economics, Choice, and Society)

by Vernon L. Smith (Author), Bart J. Wilson (Author)
4.3 4.3 out of 5 stars 30 ratings
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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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  1. ISBN-10
    1316648818
  2. ISBN-13
    978-1316648810
  3. Publisher
    Cambridge University Press
  4. Publication date
    January 24, 2019
  5. Part of series
    Cambridge Studies in Economics, Choice, and Society
  6. Language
    English
  7. Dimensions
    6 x 0.54 x 9 inches
  8. Print length
    234 pages
  9. See all details
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Editorial Reviews

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 overlords. 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

Advance praise: "There are really three significant treatises in this book: first, building on their famous experimental work, Vernon L. Smith and Bart J. Wilson offer an exciting, theoretical framework for economics and the human sciences more generally. They do so, second, by offering a 'sympathetic retrospective hearing' of Adam Smith's (other) great book, The Theory of Moral Sentiments. Third, they offer a new philosophy of economics that does justice to their own practice and invites us all of to become participants in what they call humanomics. There are big and bold ideas packed into this monograph; yet the writing is accessible and down to earth. It's the kind of book you will be happy to assign to students, and while teaching it you will discover lots of urgent, new research projects." Eric Schliesser - University of Amsterdam, author of Adam Smith: Systematic Philosopher and Public Thinker

Advance praise: "This marvelous book shows how engaging Adam Smith can help us to 'humanize' social science for the twenty-first century. Economists in particular will find much food for thought in its novel approach to using models derived from Smith's ethics to rethink many familiar and less-familiar experimental results. But it's not only economists who will profit from it; indeed anyone interested in what it means to be a human being living in two realms at once - the economic and the personal, the self-regarding and the other-regarding - will benefit from the authors' masterful illumination of how our human world is in fact 'moral all the way down'." Ryan Patrick Hanley - Marquette University, Wisconsin, author of Love's Enlightenment: Rethinking Charity in Modernity

Book Description

Articulates Adam Smith's model of human sociality, illustrated in experimental economic games that relate easily to business and everyday life.

Product details

  • Publisher ‏ : ‎ Cambridge University Press (January 24, 2019)
  • Language ‏ : ‎ English
  • Paperback ‏ : ‎ 234 pages
  • ISBN-10 ‏ : ‎ 1316648818
  • ISBN-13 ‏ : ‎ 978-1316648810
  • Item Weight ‏ : ‎ 12 ounces
  • Dimensions ‏ : ‎ 6 x 0.54 x 9 inches
  • Customer Reviews:
    4.3 4.3 out of 5 stars 30 ratings

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  1. Bart J. Wilson

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  2. Vernon L. Smith

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Customer reviews

4.3 out of 5 stars
4.3 out of 5
30 global ratings

Top reviews from the United States

Bartley J. Madden
5.0 out of 5 stars A paradigm changing "big think" book
Reviewed in the United States on February 1, 2019
Verified Purchase
Smith and Wilson explain Humanomics as the study of the human task of simultaneously living in a personal social world and an impersonal world of competition and business transactions. They ingeniously analyze Adam Smith's book, The Theory of Moral Sentiments, to show how Adam Smith's ideas about these two worlds leads to a more coherent and useful foundation for modern social theory. It is enjoyable to read how the authors act as Sherlock Holmes in deciphering the true meaning of words used by Adam Smith in a book published in 1759. Humanomics is the means to understand the findings of economists that show extraordinary efficiency in laboratory experiments based on market transactions, yet in ultimatum and trust games, standard utility maximization fails to explain the observed extent of cooperation. The authors note that "the human capacity for fellow feeling ... is the primary mechanism through which we are socialized creatures." By the way, if you are comfortable with behavioral economics, please read Chapter 4 carefully because you will then not be so comfortable. The reason to read every chapter is reflected in the book's last sentence, "For the science of economic betterment in the twenty-first century to be a study of humankind, it must likewise be an inquiry into human social betterment." This is a paradigm changing "big think" book.
17 people found this helpful
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mungowitz
5.0 out of 5 stars Intellectually Significant
Reviewed in the United States on July 31, 2019
A really important book. In some ways, the book reprises work that Vernon Smith has been doing for 30 years. But having the argument stated concisely and in full reveals its power. Many economists, and much of the economics profession, is stuck in various cul-de-sacs of their own making. Smith and Wilson show how economics can reclaim an important place in the study of society by returning to what should have been its subject all along: the study of human choice and action.
8 people found this helpful
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