Risks and rewards: Gary Becker's contributions to economics

Article Abstract:

Gary Becker is noted as one of the twentieth century's most influential economists, with his works often cited by other workers. He has produced little work dealing with methodology development or surveys, but concentrated on substantive economic analysis in areas previously little treated by economists. The four main areas of Becker's efforts are human capital, the economics of discrimination, household economics, and the economics of crime and punishment, each of which are examined in this article. Becker overcame initial skepticism from the economic establishment concerning his work, to be awarded the 1992 Nobel Prize in Economics.

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Gary Becker's contributions to economics

Article Abstract:

Gary Becker's major work is reviewed, including examination of his contributions on the economics of discrimination, his work on the microeconomic foundations of human capital, the theory of consumption and time use, and the economics of crime and punishment. His work on the economics of the family is noted as one of his most original efforts. Becker has relied on the approach of Alfred Marshall and supply and demand analysis, and has devoted little attention to normative economics.

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Introduction: the welfare economics of the welfare state

Article Abstract:

Individuals outside the economic profession may link welfare economics to the welfare state. However, the relationship between theoretical welfare economics and the public sector is not very strong. Neoclassical welfare economics on welfare policy is considered. The different modern developments which have made economists change their views on the costs and benefits of the welfare state are also discussed.

Analysis, Welfare state, Welfare economics

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