6/20/2023 0 Comments Gary s becker human capitalAlthough he often mentioned that non-economic forces also played a role in terms of human behaviour, he believed that rational choice theory provided a unifying approach to the analysis of multiple social issues, and not only market behaviour (see, for instance, his Nobel Lecture in Becker ). Those choices were constrained by income, time, imperfect memory and calculating capabilities, and the opportunities available (Becker ). This, which he considered to be a method of analysis rather than an assumption about human motivations, became an attempt to explain various facets of human behaviour through a set of simplified assumptions regarding human behaviour, a result of individual choices characterised by utility maxixmisation, a forward-looking stance, consistent rationality, and stable and persistent preferences (Becker ). In a prolific and illustrious career, the late Gary Becker (1930–2014) developed what he would later call "the economic approach to human behaviour" 2.
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