Gary Becker

In: Business and Management

Submitted By Ledger
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Gary Stanley Becker (December 2, 1930 – May 3, 2014)[1] was an American economist. He was professor of economics and sociology at the University of Chicago and at the Booth School of Business. He made important contributions to the family economics branch of economics. Neoclassical analysis of family within the family economics is also called new home economics.
He was awarded the Nobel Memorial Prize in Economic Sciences in 1992 and received the United States Presidential Medal of Freedom in 2007.[2] He was a Rose-Marie and Jack R. Anderson senior fellow at the conservative[3] Hoover Institution, located at Stanford University.
Becker was one of the first economists to branch into what were traditionally considered topics belonging to sociology, including racial discrimination, crime, family organization, and drug addiction (see rational addiction). He was known for arguing that many different types of human behavior can be seen as rational and utility maximizing. His approach included altruistic behavior of human behavior by defining individuals' utility appropriately. He was also among the foremost exponents of the study of human capital. Becker was also credited with the "rotten kid theorem."
Born to a Jewish family[4] in Pottsville, Pennsylvania, Becker earned a B.A. at Princeton University in 1951, and a Ph.D. at the University of Chicago in 1955 with thesis titled The Economics of Racial Discrimination.[5] At Chicago, Becker was influenced by Milton Friedman, whom Becker called "by far the greatest living teacher I have ever had"[6] He taught at Columbia University from 1957 to 1968, and then returned to the University of Chicago. Becker was a founding partner of TGG Group, a business and philanthropy consulting company. Becker won the John Bates Clark Medal in 1967. He was elected a Fellow of the American Academy of Arts and Sciences in 1972,[7] and was a…...

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