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

While neo-classical 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. Si bien el análisis neoclásico funciona bien para estudiar el intercambio impersonal en los mercados, no explica por qué las personas se comportan como lo hacen en sus relaciones personales con familiares, vecinos y amigos. En Humanomics, el economista ganador del Premio Nobel Vernon L. Smith y su coautor Bart J. Wilson completan su estudio de la economía al regresar al fundador de la economía moderna, Adam Smith. En algún momento de los últimos 250 años, los economistas perdieron de vista toda la gama de sentimientos, pensamientos y conocimientos humanos en la vida cotidiana. Smith y Wilson muestran cómo el modelo de socialidad de Adam Smith puede volver a humanizar la economía del siglo XXI al cimentarlo con sentimientos, sentimientos similares y un sentido de propiedad, lo que construye las relaciones humanas. Integrando ideas de La teoría de los sentimientos morales y La riqueza de las naciones en el análisis empírico contemporáneo, este libro configura la mejora económica como una ciencia de los seres humanos Contents 7 Figures 11 Tables 12 Preface 13 Acknowledgments 17 Cover Art Note 19 Note on the Text 20 1 Humanomics Spans the Two Worlds of Adam Smith 21 2 Words and Meaning in Adam Smith’s World 39 3 Conduct in the Social Universe 54 Frank Knight Preemptively Settles the Horse Race 69 5 Axioms and Principles for Understanding Human Conduct 87 6 Propositions Predicting Context-Specific Action 101 7 Propriety and Sympathy in a Rule-Governed Order 115 8 Trust Game Discoveries 129 9 The Ultimatum Game as Involuntary Extortion 147 10 Designing, Predicting, and Evaluating New Trust Games 163 11 Reconsidering the Formal Structure of Traditional Game Theory 181 12 Narratives in and about Experimental Economics 192 13 Adam Smith’s Program for the Study of Human Socioeconomic Betterment 217 Index 228 HUMANOMICS 1. Humanomics spans the two worlds of Adam Smith: sociality and economy 2. Words and meaning in Adam Smith's world 3. Conduct in the social universe 4. Frank Knight preemptively settles the horse race 5. Axioms and principles for understanding human conduct 6. Propositions predicting context-specific action 7. Propriety and sympathy in a rule-governed order 8. Trust game discoveries 9. The ultimatum game as involuntary extortion 10. Designing, predicting, and evaluating new trust games 11. Reconsidering the formal structure of traditional game theory 12. Narratives in and about experimental economics 13. Adam Smith's program for the study of human socio-economic betterment: from beneficence and justice to the Wealth of Nations.