The article highlights the key elements of the last book written by Academician Nikolay P. Fedorenko, “Humanistic Economy”. In this book, Fedorenko advocates the need to make the good of a mankind a criterion for evaluating social institutions. He also calls the economic research to perceive a person according to the ideas and philosophical precepts that recognize each person’s individual value. Special attention is brought to the family, the validity of the family-based improvement of the living standards, the demographic current issues. Fedorenko also offers to the reader a system analysis of such important aspects of our societies as poverty, wealth, equity and justice. It is through these lenses that he considers the moral, ethical, psychological and cultural aspects of the economy.