Humanomics: A New Approach to Economics that Prioritizes People over Models

Humanomics, a growing research movement, is reimagining economics to focus on real human beings rather than abstract, perfectly rational actors. Recent articles by Samford University Brock School of Business faculty members Art Carden and Joy Buchanan in the journal Public Choice explore this concept, shedding light on the importance of considering human instincts, identities, and moral concerns in economic analysis. Carden's article examines economist W.H. Hutt's critique of South Africa's apartheid labor policies, highlighting the damaging effects of restrictions on consumer freedom and worker rights. Buchanan's research, meanwhile, explores how visible effort influences fairness in group settings, suggesting that transparency can lead to more equitable decision-making.

Key Takeaways:

• Art Carden's article, "Consumers' Sovereignty and W.H. Hutt's Critique of the Color Bar," examines economist W.H. Hutt's challenge to South Africa's apartheid labor policies, arguing that restrictions on Black workers were economically damaging and hindered prosperity and entrenched injustice.
• W.H. Hutt believed that true consumer sovereignty could be a powerful force for dismantling inequality by giving people the right to make their own choices in the marketplace.
• Joy Buchanan's research, titled "Effort Transparency and Fairness," shows that visible effort influences fairness in group settings, with decision-makers making more equitable choices when informed about the effort others put in.
• Buchanan's study also suggests that hidden effort information leads to short-term power advantages, but transparency may attract and retain more fairness-oriented individuals over time, resulting in stronger, more trustworthy teams.
• The humanomics movement emphasizes the importance of considering human instincts, identities, and moral concerns in economic analysis.
• At Brock School of Business, faculty members are preparing the next generation of Christian business leaders while contributing meaningful research that explores the intersection of markets, values, and human behavior.

Statistics:

• There is no specific statistical data mentioned in the article.

Sources:

• Public Choice journal
• Samford University Brock School of Business