"The
analysis assumes that individuals maximize welfare as they conceive it, whether
they be selfish, altruistic, loyal, spiteful, or masochistic. Their behavior is
forward-looking, and it is also consistent over time. In particular, they try
as best they can to anticipate the uncertain consequences of their
actions. Forward-looking behavior, however, may still be rooted in the past, for
the past can exert a long shadow on attitudes and values.
Actions are
constrained by income, time, imperfect memory and calculating capacities, and
other limited resources, and also by the available opportunities in the economy and elsewhere. These opportunities are largely determined
by the private and collective actions of other individuals and organizations."
"The economic analysis of crime incorporates into rational behavior illegal and other antisocial actions. The human capital approach considers how the productivity of people in market and non-market situations is changed by investments in education, skills, and knowledge. The economic approach to the family interprets marriage, divorce, fertility, and relations among family members through the lens of utility-maximizing forward-looking behavior."
"A novel theoretical development in recent years is the analysis of the consequences of stereotyped reasoning or statistical discrimination (see Phelps [1972], and Arrow [1973]). This analysis suggests that the beliefs of
employers, teachers, and other influential groups that minority members are less productive can be self-fulfilling, for these beliefs may cause minorities to underinvest in education, training, and work skills, such as punctuality. The underinvestment does make them less productive (see a good recent analysis by Loury [1992])"
"The economic analysis of crime incorporates into rational behavior illegal and other antisocial actions. The human capital approach considers how the productivity of people in market and non-market situations is changed by investments in education, skills, and knowledge. The economic approach to the family interprets marriage, divorce, fertility, and relations among family members through the lens of utility-maximizing forward-looking behavior."
"A novel theoretical development in recent years is the analysis of the consequences of stereotyped reasoning or statistical discrimination (see Phelps [1972], and Arrow [1973]). This analysis suggests that the beliefs of
employers, teachers, and other influential groups that minority members are less productive can be self-fulfilling, for these beliefs may cause minorities to underinvest in education, training, and work skills, such as punctuality. The underinvestment does make them less productive (see a good recent analysis by Loury [1992])"
Gary S. Becker - Nobel Prize
Accessed in: December, 12; 2012.
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