The economic way of thinking is really about choices and behavior. Milton spent a similar period in the wilderness where... Long one. He had to accept the fact that he felt he was right and the profession rejected him. Absolutely. And so I always say in a short run, when asked to think of the deterrence variables like apprehension, conviction, and punishment. The fact that these do seem to work and significantly influence people's choices has been my lasting insight.
Russ Roberts interviews Gary Becker, of the University of Chicago, on the challenges of being an intellectual maverick, the economic approach to human behavior, the influences of Adam Smith and Alfred Marshall on Becker's work and Becker's optimism for the future of economics.