Central to this book is the further assumption that man is a rational utility maximizer in all areas of life, not just in his "economic” affairs, that is, not only when engaged in buying and selling in explicit markets. This idea goes back to jeremy Bentahm in the eighteenth and early nineteenth century, but received little attention from economists until the work of Gary Becker in th 1950s and 1960s. The concept of man as a rational maximizer implies that people respond to incentives.(...) From this proposition derive the three fundamental principles of economics.
Richard PosnerRelated topics
assumption attention becker book buying central century concept early economics eighteenth explicit fundamental idea life man nineteenth people proposition rational respond selling three utility work affairs 1950s 1960s gary maximizerRelated quotes
Economists tell us that the 'price' of an object and its 'value' have very little or nothing to do with one another. 'Value' is entirely subjective - economic value, anyway - while 'price' reflects whatever a buyer is willing to give up to get the object in question, and whatever the seller is willing to accept to give it up. Both are governed by the Law of Marginal Utility, which is actually a law of psychology, rather than economics. For government to attempt to dictate a 'fair price' betrays complete misunderstanding of the entire process.
L. Neil Smith
For two hundred and fifty years, from the second half of the eighteenth Century on, Capitalism was the dominant social reality. For the last Hundred years, Marxism was the dominant social ideology. Both are rapidly being superseded by a new and very different society. The new society – and it is already here – is a post-capitalist society... The center of gravity in the post-capitalist society – its structure, its social and economic dynamics, its social classes, and its social problems – is very different from the one that dominated the last two hundred and fifty years.
Henry Mintzberg
The clerical work is par for the course. "Keep on file in numerical order" means throw in wastebasket. You'll soon learn the language. "Let it be a challenge to you" means you're stuck with it; "interpersonal relationships" is a fight between kids; "ancillary civic agencies for supportive discipline" means call the cops; "Language Arts Dept." is the English office; "literature based on child's reading level and experiential background" means that's all they've got in the Book Room; "non-academic-minded" is a delinquent; and "It has come to my attention" means you're in trouble.
Bel Kaufman
In view of the importance of philanthropy in our society, it is surprising that so little attention has been given to it by economic or social theorists. In economic theory, especially, the subject is almost completely ignored. This is not, I think, because economists regard mankind as basically selfish or even because economic man is supposed to act only in his self-interest; it is rather because economics has essentially grown up around the phenomenon of exchange and its theoretical structure rests heavily on this process.
Kenneth Boulding
The nude gains its enduring value from the fact that it reconciles several contrary states. It takes the most sensual and immediately interesting object, the human body, and puts it out of reach of time and desire; it takes the most purely rational concept of which mankind is capable, mathematical order, and makes it a delight to the senses; and it takes the vague fears of the unknown and sweetens them by showing that the gods are like men and may be worshiped for their life-giving beauty rather than their death-dealing powers.
Kenneth Clark
