13 Gary Becker Quotes on Economic (BEHAVIOR)

Top 10 Most Famous Gary Becker Quotes (BEST)

“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

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.

Economy is the art of making the most of life. — Economy is the art of making the most of **life**.

Different constraints are decisive for different situations, but the most fundamental constraint is limited time. — Different constraints are decisive for different situations, but the most fundamental constraint is limited **time**.

“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

I am saying that the economic approach provides a valuable unified framework for understanding all human behaviour.

Still, intuitive assumptions about behavior is only the starting point of systematic analysis, for alone they do not yield many interesting implications.

“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

A stronger yuan could lead to greater Chinese asset accumulation in the U.S. and elsewhere.

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. — 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.

3 Gary Becker Quotes on Human Behavior

“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