The economic way of looking at life by Gary Becker

The economic way of looking at life by Gary Becker

“The analysis assumes that individuals maximize welfare
as they conceive it, whether they be selfish, altruistic, loyal, spiteful, or masochistic.

Their behavior is forward-looking, and it is also consistent over time. In particu-
lar, they try as best they can to anticipate the uncertain consequences of
their actions. Forward-looking behavior, however, may still be rooted in the
past, for the past can exert a long shadow on attitudes and values.
Actions are constrained by income, time, imperfect memory and calculat-
ing capacities, and other limited resources, and also by the available oppor-
tunities in the economy and elsewhere. These opportunities are largely
determined by the private and collective actions of other individuals and
organizations”
Gary Becker

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