The General nature of Humanistic Economics can be described as a distinct pattern of economic thought with old historical roots that seeks to understand and explain how the economy works, how it changes, and how it can be managed to enhance the human well-being of all citizens. In the process, one primary element has always been a critical analysis of the dominant economic way of thinking. The human image implicit in mainstream economic science is particularly rejected, while also encouraging a rethinking of economic principles based on a richer and more balanced view of human nature. It's a perspective that leans heavily on humanistic psychology, moral philosophy, humanistic sociology, and last but not least, on common sense. In more formal terms, contemporary humanistic economics seeks to both describe, analyze and critically assess prevailing socio-economic institutions and policies, and provide normative (value) guidelines on how to improve them in terms of human (not merely “economic”) welfare. Basic human needs, human rights, human dignity, human equality, freedom, economic democracy and economic sustainability
provide the framework.