Market Behavior in a Social Environment
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Social Economics by Gary S. Becker
Book DescriptionEconomists assume that people make choices based on their preferences and their budget constraints. The preferences and values of others play no role in the standard economic model. This feature has been sharply criticized by other social scientists, who believe that the choices people make are also conditiond by social and cultural forces. Economists, meanwhile, are not satisfied with standard sociological and anthropological concepts and explanations because they are not embedded in a testable, analytic framework. In this book, Gary Becker and Kevin Murphy provide such a framework by including the social environment along with standard goods and services in their utility functions. These extended utility functions provide a way of analyzing how changes in the social environment affect people's choices and behaviours. More important, they also provide a way of analyzing how the social environment itself is determined by the interactions of individuals. Using this approach, the authors are able to explain many puzzling phenomena, including patterns of drug use, how love affects marriage patterns, neighbourhood segregation, the prices of fine art and other collectibles, the social side of trademarks, the rise and fall of facts and fashions, and the distribution of income and status.
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Book DetailsISBN: 9780674011212
(227mm x 127mm x 13mm)
Imprint: The Belknap Press
Publisher: Harvard University Press
Publish Date: 4-Mar-2003
Country of Publication: United States
Books By Author Gary S. Becker
Oxford Handbook of Human Capital, Hardback (February 2011)
This Handbook provides a much needed, authoritative, and inter-disciplinary survey of concepts, applications, and research on human capital, the stock of human capabilities and knowledge found in organizations. It is designed for scholars and graduate students in business and across the social sciences, as well as policy makers and practitioners.
Uncommon Sense, Paperback (September 2010)
On December 5, 2004, the still-developing blogosphere took one of its biggest steps toward mainstream credibility, as Nobel Prize - winning economist Gary S Becker and renowned jurist and legal scholar Richard A Posner announced the formation of the Becker-Posner Blog. This book gathers the most important and innovative entries from the blog.
Milton Friedman on Economics, Paperback (February 2008)
Milton Friedman was lauded as the grandmaster of free-market economic theory in the postwar era. This book collects many of Friedman's papers on topics in economics that were published in the "Journal of Political Economy". It incorporates papers from 1948 to 1990. It is useful for those tracing the course of 20th century economics and politics.
Accounting for Tastes, Paperback (February 1998)» View all books by Gary S. Becker
Economists generally accept as a given the old adage that there is no accounting for tastes. The author disagrees, and confronts the problem of preferences and values: how they are formed and how they affect our behaviour. Areas extra to traditional economics are therefore touched upon.
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Author Biography - Gary S. Becker
Gary S. Becker is University Professor of Economics and Sociology at the University of Chicago. In 1992, he was awarded the Nobel Prize in Economics. Kevin Murphy is the George Pratt Shultz Professor of Economics and Industrial Relations, Graduate School of Business, the University of Chicago. He won the John Bates Clark Medal of the American Economics Association in 1997.
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