Price Theory as Prophylactic Against Popular Fallacies

Boettke, Peter J.; Candela, Rosolino A.

doi:10.2139/ssrn.2710201

Cited by 6 publications

(12 citation statements)

References 120 publications

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“…Either directly or indirectly Becker played a large role in the creation of many new Bureau programs, including those in law and economics, education, health, the family, income distribution, and labor economics. Several of Becker's most important contributions concerning human capital [4], crime and punishment [5], and the allocation of time [6] appeared as NBER volumes. 2 I joined the Bureau staff in 1962 and soon came to appreciate Becker's unusual qualities.…”

Section: Work By Gary Becker Cited In This Articlementioning

confidence: 99%

“…The concept, which dates back at least to Adam Smith, was used to great advantage by Friedman and Kuznets (1945), and the term appears explicitly in the titles of papers by Mincer (1958) and T. W. Schultz (1961). Nevertheless, when Becker was preparing his treatise [4] he encountered so many negative reactions that he seriously considered choosing a different title for the book.…”

Section: Work By Gary Becker Cited In This Articlementioning

confidence: 99%

“…Becker's commitment to a lifetime of scholarship has been accompanied by an equally strong involvement with family. His appreciation of his first wife Doria's encouragement and support is reflected in the dedication of Human Capital [4]. After her death in 1971 Becker raised their two daughters as a single parent for many years.…”

Section: Work By Gary Becker Cited In This Articlementioning

confidence: 99%

“…The next most frequently cited economist (also a Nobel Laureate) is mentioned in six articles with a total of nine citations. 4 Several new fields of economic research owe a great deal to Becker, not only for the intellectual stimulation provided by his books and articles, but also for personal intervention and support. Consider, for instance, the history of law and economics, now a flourishing area with over 400 members in the American Law and Economics Association.…”

Section: Becker's Contributionsmentioning

confidence: 99%

“…Economists with an interest in inflation should note that the hardcover edition of Becker's Human Capital[4], distributed by Columbia University Press for the NBER in 1964, was priced at five dollars.…”

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Nobel Laureate Gary S. Becker: Ideas About Facts

2018

Health Economics and Policy

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The American Economic Review published a note on multi-country trade written by an obscure Princeton undergraduate [1]. 1 Two months later a paper on monetary theory by the same student and one of his Princeton instructors appeared in Economica [2]. Thus was launched the career of one of the most influential social scientists of the second half of the twentieth century, a career that was recognized by the Nobel Prize Committee for Economics in 1992 with its award to Gary S. Becker. Although the Princeton undergraduate may have been obscure, his talents as an economist were already clearly evident to those who had close contact with him. One of his professors, in recommending him for admission to graduate school, said he was the best student at Princeton in more than a decade. Jacob Viner, a veteran of more than three decades of distinguished scholarship and teaching, wrote "Becker is the best student I have ever had." It is rumored that this recommendation raised some eyebrows at the University of Chicago, where Viner had been a leading member of the faculty during the period when Milton Friedman and George Stigler were graduate students. An academic diplomat is said to have restored equilibrium by pointing out that Viner probably meant "undergraduate student." Milton Friedman was quick to add his own favorable assessment. In 1953, when he nominated Becker for an Earhart Foundation graduate fellowship at Chicago, he wrote, "Becker has a brilliant, analytical mind; great originality;

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Section: Work By Gary Becker Cited In This Articlementioning

confidence: 99%

Section: Work By Gary Becker Cited In This Articlementioning

confidence: 99%

Section: Work By Gary Becker Cited In This Articlementioning

confidence: 99%

Section: Becker's Contributionsmentioning

confidence: 99%

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Nobel Laureate Gary S. Becker: Ideas About Facts

2018

Health Economics and Policy

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What are markets? Selected market theories under genuine uncertainty in comparison

Schmiel

Sander

2021

J Evol Econ

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Since market economies are the dominant form of regulating economic action all over the world, the question arises how markets are conceived theoretically. Answering this is relevant because we need to know how existing and hypothetical markets work in general, what they “can do”, and how one can improve the market order. There are three different market approaches that consider genuine uncertainty. According to the new institutional economics approach, markets are institutions that increase boundedly rational actors’ utility. The markets-as-institutional-arrangements approach denies that markets maximize or minimize market outcomes and argues that they enable harmony between individual and common interests. According to the political-cultural approach, markets are political arenas with conflicts between the relevant actors. Deciding reasonably for a theory requires answering whether one theory is more adequate than another. Since literature has not answered this so far, the present paper deals with this issue from a critical-rationalist perspective. It finds that the institutional economics approach is not adequate because its assumptions contradict reality and each other. In contrast, the markets-as-institutional-arrangements approach and the political-cultural approach fulfill critical-rationalist requirements. Therefore, the paper compares them and finds that there are reasons to prefer the political-cultural approach and to interpret the markets-as-institutional-arrangements approach as its special case. Referring to the political-cultural approach has different consequences for analyzing and improving the market order. Taking a political-cultural view implies, e.g., not only focusing on desirable social values and market rules but also on the relevance of interpretative frameworks and power.

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The Decline and Rise of Institutions

Palagashvili

Piano

Skarbek

2017

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Institutions are the formal or informal 'rules of the game' that facilitate economic, social, and political interactions. These include such things as legal rules, property rights, constitutions, political structures, and norms and customs. The main theoretical insights from Austrian economics regarding private property rights and prices, entrepreneurship, and spontaneous order mechanisms play a key role in advancing institutional economics. The Austrian economics framework provides an understanding for which institutions matter for growth, how they matter, and how they emerge and can change overtime. Specifically, Austrians have contributed significantly to the areas of institutional stickiness and informal institutions, self-governance and self-enforcing contracts, institutional entrepreneurship, and the political infrastructure for development.

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Price Theory as Prophylactic Against Popular Fallacies

Cited by 6 publications

References 120 publications

Nobel Laureate Gary S. Becker: Ideas About Facts

Nobel Laureate Gary S. Becker: Ideas About Facts

What are markets? Selected market theories under genuine uncertainty in comparison

The Decline and Rise of Institutions

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