This article establishes Africonomics, a school of African philosophical and economic thought. It demonstrates that the statist/socialist systems maintained in the postcolonial era have proven disastrously unable to create stable and prosperous African economies, resulting instead in the prevalence of autocratic governments, oppression, structural injustice, rampant inflation, widespread corruption, economic stagnation, and other ruinous issues. This article also discusses the contrasting worldviews of Africa and the West. It explains why the African approach to economics and other social sciences must rest on a natural-moral law framework considering the African worldview’s theist, principled, and nonaggressive nature. This contrasts with Western economics and the other social sciences, which rest predominantly on philosophical materialism, positivism, and a Darwinian conception of humans and human coexistence. This article contains three parts: the first demonstrates how socialist and other statist models imported from the West have destabilized and ruined postcolonial Africa; the second discusses the African and Western worldviews, with a subheading on scientific racism and Social Darwinism; and the third explains the formulation of Africonomics.