Gary Becker

Gary Becker

Gary Stanley Becker (December 2, 1930 – May 3, 2014) was an American economist and a professor of economics and sociology at the University of Chicago. He was awarded the Nobel Memorial Prize in Economic Sciences in 1992 for his work in extending the domain of microeconomic analysis to a wide range of human behavior and interaction, including non-market behavior.

Early Life and Education

Gary Becker was born in Pottsville, Pennsylvania, and grew up in Brooklyn, New York. He attended Princeton University, where he earned his bachelor's degree in 1951. He then went on to the University of Chicago, where he completed his Ph.D. in economics in 1955 under the supervision of Milton Friedman.

Academic Career

Becker began his academic career at the University of Chicago, where he was influenced by the Chicago School of Economics. He later taught at Columbia University before returning to the University of Chicago, where he spent the majority of his career.

Contributions to Economics

Gary Becker is best known for his work in applying economic analysis to a wide range of human behavior. His pioneering work in the field of human capital theory, the economics of the family, and the study of discrimination has had a profound impact on the field of economics.

Human Capital

Becker's work on human capital theory emphasized the importance of education and training in increasing the productivity of individuals. He argued that investments in education and training are similar to investments in physical capital, as they increase the future earnings potential of individuals.

Economics of the Family

In his analysis of the family, Becker applied economic principles to understand family behavior, including marriage, divorce, and fertility. His work in this area is encapsulated in his book "A Treatise on the Family," where he used economic models to analyze family decision-making processes.

Discrimination

Becker's book "The Economics of Discrimination" was one of the first to apply economic theory to the study of racial and gender discrimination. He developed models to show how discrimination can persist in competitive markets and the economic costs associated with it.

Awards and Honors

In addition to the Nobel Prize, Becker received numerous awards and honors throughout his career, including the John Bates Clark Medal in 1967 and the Presidential Medal of Freedom in 2007.

Legacy

Gary Becker's work has had a lasting impact on the field of economics and beyond. His interdisciplinary approach has influenced fields such as sociology, law, and public policy. Becker's application of economic analysis to social issues has opened new avenues for research and policy-making.

Selected Works

• "The Economics of Discrimination" (1957)
• "Human Capital: A Theoretical and Empirical Analysis, with Special Reference to Education" (1964)
• "A Treatise on the Family" (1981)

See Also

• Chicago School of Economics
• Human Capital
• Nobel Memorial Prize in Economic Sciences

References

• Becker, Gary S. "The Economics of Discrimination." University of Chicago Press, 1957.
• Becker, Gary S. "Human Capital: A Theoretical and Empirical Analysis, with Special Reference to Education." University of Chicago Press, 1964.
• Becker, Gary S. "A Treatise on the Family." Harvard University Press, 1981.

External Links

• Nobel Prize Biography
• University of Chicago Faculty Page