Gary Becker

Gary Becker

Gary Becker in 2008

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 known for his work in the fields of human capital, economics of the family, and economic analysis of crime. Becker was awarded the Nobel Memorial Prize in Economic Sciences in 1992 for "having extended the domain of microeconomic analysis to a wide range of human behavior and interaction, including nonmarket 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 pursue graduate studies at the University of Chicago, where he received his Ph.D. 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

Becker's work extended the scope of economic analysis to a wide range of human behavior. He is best known for his research on human capital, which examines how investments in education and training can increase an individual's productivity and earnings. His book "Human Capital" is considered a seminal work in this field.

Becker also made significant contributions to the economics of the family, analyzing how economic principles can explain family behavior, including marriage, divorce, and fertility. His work in this area laid the foundation for the field of family economics.

In addition, Becker applied economic analysis to the study of crime and punishment, arguing that individuals engage in criminal activity based on a rational calculation of costs and benefits. This approach has influenced the development of law and economics.

Awards and Honors

In 1992, Becker was awarded the Nobel Memorial Prize in Economic Sciences for his pioneering work in applying economic analysis to a wide range of human behavior. He was also a recipient of the United States Presidential Medal of Freedom in 2007.

Personal Life

Gary Becker was married to Guity Nashat, a historian of the Middle East. He had two daughters from his first marriage. Becker was known for his interdisciplinary approach, often collaborating with sociologists and other social scientists.

Legacy

Becker's work has had a profound impact on the field of economics, particularly in the areas of human capital, family economics, and the economic analysis of crime. His interdisciplinary approach has influenced a generation of economists and social scientists.

Related Pages

• Human capital
• Economics of the family
• Law and economics
• University of Chicago
• Nobel Memorial Prize in Economic Sciences