Economy is the art of making the most of life. Gary Becker More Quotes by Gary Becker More Quotes From Gary Becker I am saying that the economic approach provides a valuable unified framework for understanding all human behaviour Gary Becker economics behaviour understanding Human capital analysis starts with the assumption that individuals decide on their education, training, medical care, and other additions to knowledge and health by weighing the benefits and costs. Benefits include cultural and other non-monetary gains along with improvement in earnings and occupations, while costs usually depend mainly on the foregone value of the time spent on these investments. Gary Becker training analysis cost Even a wizard would have a great deal of difficulty repealing the economic law that higher minimum wages reduce employment. Since politicians are not wizards, they should not try. Gary Becker employment law trying Different constraints are decisive for different situations, but the most fundamental constraint is limited time. Gary Becker limited-time different fundamentals Along with others, I have tried to pry economists away from narrow assumptions about self interest. Behavior is driven by a much richer set of values and preferences. Gary Becker assumption behavior self The most fundamental constraint is limited time Gary Becker limited-time constraints fundamentals I was not sympathetic to the assumption that criminals had radically different motivations from everyone else. Gary Becker criminals motivation different Still, intuitive assumptions about behavior is only the starting point of systematic analysis, for alone they do not yield many interesting implications. Gary Becker yield analysis interesting My work on human capital began with an effort to calculate both private and social rates of return to men, women, blacks, and other groups from investments in different levels of education. Gary Becker effort return men Why in almost all societies have married women specialized in bearing and rearing children and in certain agricultural activities, whereas married men have done most of the fighting and market work? Gary Becker marriage fighting children The Treatise tries to analyze not only modern Western families, but also those in other cultures and the changes in family structure during the past several centuries. Gary Becker other-cultures trying past I argued last year on my shared blog that selling the right to immigrate would be the best approach to legal immigration. Among other benefits, the revenue from immigrants' payments could reduce taxes. Paying for the right to immigrate would also negate the argument that immigrants get a free ride when they gain health care and other benefits. Moreover, making immigrants pay would attract the type of immigrants who came much earlier in American history: young men and women who are reasonably skilled and want to make a long-term commitment to the United States. Gary Becker long commitment years Fines are preferable to imprisonment and other types of punishment because they are more efficient. With a fine, the punishment to offenders is also revenue to the State. Gary Becker punishment political philosophy A stronger yuan could lead to greater Chinese asset accumulation in the U.S. and elsewhere. Gary Becker chinese assets stronger
