Free To Choose Media Podcast
Episode 35 – Gary Becker (Podcast)
Jul 11, 2019
Gary Becker, Economist who studies the impact of family decisions on economics, discusses the importance of families in understanding behavior and the economic effects of their choices. He explores the role of rationality and incentives in evaluating policies, analyzes human capital and education, and examines the challenges faced by unmarried mothers. Becker predicts the continued strength of the family despite changing structures.
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Quick takeaways
- Understanding group behavior provides insight into the effects of policy shifts on the economy.
- Investing in children's education and skills by families contributes to their success and societal performance.
Deep dives
The importance of understanding social behavior through rational behavior
The speaker emphasizes the importance of understanding social behavior by analyzing participants' rational behavior. He explains that individuals, families, and firms strive to make the best decisions given limited resources, competition, and uncertain outcomes. This approach has been applied to various social issues, including racial discrimination, crime, addiction, and competition among pressure groups. The focus has been on understanding societal functions and evaluating the role of government in different areas, considering the rationality of people's behavior and its impact on policies.
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