Book Review: “Humanomics: Moral Sentiments and the Wealth of Nations for the Twenty-First Century” by Vernon L. Smith and Bart J. Wilson

Thomas, Michael D.; Assistant, Jhet

doi:10.31219/osf.io/2s8zk

Cited by 6 publications

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“…Advances in moral economies scholarship therefore coincide with a parallel, and longstanding, effort within economics over the past 40 years to reconnect economics with its political economic roots and its moral commitments. These roots can be traced at least to Adam Smith's 1759 theory of moral sentiments with its exploration of human nature and the duality of self‐preservation and sympathy for others (Hill, 2001; Smith & Wilson, 2019). More recently, Sen's (1999) theory of development as freedom has focused on human capabilities and choice, which at least implies a shared understanding of the right to survival in the context of water.…”

Section: Discussion: Contributions Of a Moral Economy Approach To Bro...mentioning

confidence: 99%

Moral economies for water: A framework for analyzing norms of justice, economic behavior, and social enforcement in the contexts of water inequality

et al. 2022

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Over the past two decades, scholars have invoked E. P. Thompson's and James Scott's concept of a "moral economy" to explain how people mobilize notions of justice to make claims to water. We draw together 20 years of literature to assess the state-of-the-art present in research on moral economies for water. We trace the historical foundations of the moral economies concept and its relevance to water; define the three basic components of a moral economy for water-(1) shared understandings of justice, (2) normative economic practices, (3) social pressure mechanisms-and provide examples of how they manifest globally. We then discuss how moral economies for water can cycle through four basic statesbalanced struggle, intensified reaction, mass revolt, and collapse and dissolution-at different scales. We also explore the implications of the moral economies framework for key areas of current research on water: water sharing, water commons, water markets, and biocultural outcomes, and discuss the ways in which the moral economies framework dovetails with recent advances in water research, especially the economics of water and development. We argue that the moral economies framework is a powerful explanatory tool for understanding the relationships between ideas of water justice, economic behaviors, and mechanisms of social enforcement that complements other methodological approaches and theoretical perspectives. We envision moral economies for water as a field that can facilitate a range of norm-based analyses of economic behavior and water justice, including across scales-from local to global-and in broad, integrative, multiscalar, and cross-disciplinary ways.

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Section: Discussion: Contributions Of a Moral Economy Approach To Bro...mentioning

confidence: 99%

Moral economies for water: A framework for analyzing norms of justice, economic behavior, and social enforcement in the contexts of water inequality

et al. 2022

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“…Several authors appeal for a true dialogue between economics and the humanities, which might result in a better kind of economics called "humanomics" (McCloskey, 2016(McCloskey, , 2021Morson & Schapiro, 2017;Smith & Wilson, 2019). Morson and Schapiro (2017) discuss what economics could learn from the humanities, without denying that economics has its merits and that the humanities could learn something from economics, too.…”

Section: Interdisciplinary Exchangementioning

confidence: 99%

Narratives in economics

Roos

Reccius

2023

Journal of Economic Surveys

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There is growing awareness within the economics profession of the important role narratives play in the economy. Even though empirical approaches that try to quantify economic narratives are getting increasingly popular, there is no theory or even a universally accepted definition of economic narratives underlying this research. First, we review and categorize the economic literature concerned with narratives and work out the different paradigms at play. Only a subset of the literature considers narratives to be active drivers of economic activity. To solidify the foundation of narrative economics, we propose a definition of collective economic narratives, isolating five important characteristics. We argue that, for a narrative to be economically relevant, it must be a sense‐making story that emerges in a social context and suggests action to a social group. We also systematize how a collective economic narrative differs from a topic and from other kinds of narratives that are likely to have less impact on the economy. With regard to the popular use of topic modeling, we suggest that the complementary use of other methods from the natural language processing (NLP) toolkit and the development of new methods is inevitable to go beyond identifying topics and move towards true empirical narrative economics.

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“…The frame of dual interest, and the need to take self-control and find balance, is prominent in Smith' two books considered jointly. Some scholars of Smith, however, seemed to interpret it differently: the German Historical School is concerned with 'das Adam Smith problem' and, more recently, the 'two faces of Adam Smith' problem (Smith, 1998;Smith & Wilson, 2019). In the Wealth of Nations book, Adam Smith made clear how making wealth is driven by self-interest (i.e., self-love): …man has almost constant occasion for the help of his brethren, and it is in vain for him to expect it from their benevolence only.…”

Section: Adam Smith and Dual Interest Theorymentioning

confidence: 99%

“…The production and consumption of meat, beer, and bread were not just about self-interest: it was to be tempered by ethical reflection leading to the shared other-interest, which was then to be applied with self-control/command to temper the self-interest onto the path 0Z to maximise the own-interest. So, Adam Smith had only one face (Smith & Wilson, 2019), a joint face with self-and other-interest in that one face (Lynne, 2020). This interpretation is also in line with Etzioni (1988) and Roberts (2014) that Smith not only understood what drove the making of wealth but the need to temper it and 'in short, Adam Smith's world is not inhabited by dispassionate rational purely self-interested agents, but rather by multidimensional and realistic human beings' (Ashraf et al, 2005, p. 142).…”

Section: Adam Smith and Dual Interest Theorymentioning

confidence: 99%

Towards Dual Interest Theory in Metaeconomics

Lynne

Czap

2023

Journal of Interdisciplinary Economics

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The purpose of this article is to expand the economic discourse beyond single interest as the dominant analytical foundation of microeconomics towards dual interest and metaeconomics. Metaeconomics is based on the reality of joint and non-separable self and other-interest arising because of non-allocable goods and non-allocable inputs. Non-allocable goods are explained by the internal tendencies in the mind to a more primal ego-based self-interest tempered by an empathy-based other (shared with the other, while internalised within the own-self-interest). Non-allocable inputs giving joint products and dual interest in the outcomes are explained by thermodynamics: production is internal to and non-separable from the natural system on the Spaceship Earth. Dual Interest Theory (DIT) assumes that self-interest is accompanied by empathy-based other-interest and that individuals tend to balance both interests in their decisions and behaviour. Several empirical tests of DIT demonstrated its advantages in explaining the observed behavioural outcomes as compared to the consideration of self-interest alone. DIT is also more powerful in explaining many other social phenomena than if one relies on the single/self-interest assumption of microeconomics alone. JEL Codes: A20, D11, D21, D62, D64, H41

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Book Review: “Humanomics: Moral Sentiments and the Wealth of Nations for the Twenty-First Century” by Vernon L. Smith and Bart J. Wilson

Abstract: A review of “Humanomics: Moral Sentiments and the Wealth of Nations for the Twenty-First Century" by Vernon L. Smith and Bart J. Wilson

Cited by 6 publications

References 0 publications

Moral economies for water: A framework for analyzing norms of justice, economic behavior, and social enforcement in the contexts of water inequality

Moral economies for water: A framework for analyzing norms of justice, economic behavior, and social enforcement in the contexts of water inequality

Narratives in economics

Towards Dual Interest Theory in Metaeconomics

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