9/06/2019

Humanomics: Moral Sentiments and Wealth of Nations for the Twenty-First Century.

"What is Humanomics? It sounds like a combination of human and economics. And indeed this book by Vernon Smith and Bart Wilson can be read as an attempt to reintroduce the human component into economics. It can be read as a criticism of modern economics and as the presentation of a substitute for it. It can be read as a modernization of Adam Smith, the 18th century father of economics and professor of Moral Philosophy; or as a book about experimental economics. It is all of this and much more. To me, an economist already familiar with the work of Vernon Smith and Bart Wilson, this is a book about learning. It is a book that describes how we learn, how we learn from our mistakes, how we learn from things we do not understand, and how we learn from things we think we understand. We try; we err; we try; we err; we try; we err; until we stretch our knowledge so much that it breaks. And then we need to find something new."