Becker Quotes
Imagine each family as a kind of little factory--a multiperson unit producing meals, health, skills, children, and self-esteem from market goods and the time, skills, and knowledge of its members. This is only one of the remarkable concepts explored by Gary Becker in his landmark work on the family. Becker applies economic theory to the most sensitive and fateful personal decisions, such as choosing a spouse or having children. He uses the basic economic assumptions of maximizing behavior, stable preferences, arid equilibria in explicit or implicit markets to analyze the allocation of time to child care as well as to careers, to marriage and divorce in polygynous as well as monogamous societies, to the increase and decrease of wealth from one generation to another.
Gary Becker
Dear Rainer Maria Rilke
I thank you for saying that you rather like my painting of 'the little child'... You have brought me the first touch of Paris with this phrase of yours about 'liking and approving', and that alone is a great deal... Will I be seeing you here [in Worpswede] before I leave? I really hope not. The ground is burning a little beneath my feet... And now, I don't even know how I should sign my name. I'm not Modersohn, but I'm no longer Paula Becker anymore either [because she was married with Otto Modersohn, but is now leaving him]. I am Me, and I hope to become Me more and more. That is surely the goal of all our struggles... I am now leaving Friday night and shal arrive in Paris on Saturday. Write a line to 29 Rue Cassette, where I plan to stay..
Paula Modersohn-Becker
Economic history has contributed significantly to the formulation of economic theory. Among the economists who have found history an important source for their ideas are Smith, Malthus, Marx, Marshall, Keynes, Hicks, Arrow, Friedman, Solow, and Becker. Failure to take account of history, as Simon Kuznets (1941) stressed, has often led to a misunderstanding of current economic problems by investigators who have not realized that their generalizations rested upon transient circumstances. Nowhere is the need to recognize the role of long-run dynamics more relevant than in such pressing current issues as medical care, pension policies, and development policies.
Robert Fogel
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 Posner
