Humanomics

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.