“Imagine each family as a kind of little factory--a multiperson unit producing meals, health, skills, children, and self-esteem from market goods and the time, skills, and knowledge of its members. This is only one of the remarkable concepts explored by Gary Becker in his landmark work on the family. Becker applies economic theory to the most sensitive and fateful personal decisions, such as choosing a spouse or having children. He uses the basic economic assumptions of maximizing behavior, stable preferences, arid equilibria in explicit or implicit markets to analyze the allocation of time to child care as well as to careers, to marriage and divorce in polygynous as well as monogamous societies, to the increase and decrease of wealth from one generation to another.”

— Gary S. Becker, book A Treatise on the Family

Book abstract 2009
A Treatise on the Family, 1981

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Gary S. Becker8

American economist 1930–2014

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“Central to this book is the further assumption that man is a rational utility maximizer in all areas of life, not just in his “economic” affairs, that is, not only when engaged in buying and selling in explicit markets. This idea goes back to jeremy Bentahm in the eighteenth and early nineteenth century, but received little attention from economists until the work of Gary Becker in th 1950s and 1960s.
The concept of man as a rational maximizer implies that people respond to incentives.(…) From this proposition derive the three fundamental principles of economics.”

Richard A. Posner (1939) United States federal judge

Source: Economic Analysis of Law (7th ed., 2007), Ch. 1: The Nature of Economic Reasoning

“Modem mainstream economic theory bravely assumes that people make their decisions in such a way as to maximize their utility. Accepting this assumption enables economics to predict a great deal of behavior (correctly or incorrectly) without ever making empirical studies of human actors.”

Herbert A. Simon (1916–2001) American political scientist, economist, sociologist, and psychologist

Simon (1990) "Invariants of Human Behavior" in: Annu. Rev. Psychol. 41: p. 6.
1980s and later

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Richard Rumelt (1942) American economist

Source: Strategy, structure, and economic performance. (1974), p. 29

“There is no doubt that the princess did become a queen---not only on the screen. One of the most loved, one of the most skillful, one of the most intelligent, one of the most sensitive, charming actresses---and friends, in my life---but also in the later stages of her life, the UNICEF ambassador to the children of the world. The generosity, sensitivity, the nobility of her service to the children of the world and the mothers of the world will never be forgotten.”

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“Economics is that way of understanding behavior that starts from the assumption that people have objectives and tend to choose the correct way to achieve them.”

David D. Friedman (1945) American economist, physicist, legal scholar, and libertarian theorist

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“The stress on 'human resources' as an organizational asset goes back at least to Drucker (1954). This was elaborated in the theory of 'human capital' by Schultz (1963) who was concerned to describe the benefits of education as a 'production good' enhancing the economic resources of society, and by others like Becker (1964) who argued for the benefits to economic growth of a well-trained workforce. While labour market segmentation theory developed in reaction (stressing institutional processes in labour market formation), human asset accounting in the 1970s applied the capital theory to quantifying investments in people by the organization (Flamholtz, 1974). This was embraced by some (for example, Likert, 1967) as a way of encouraging humane employment policies, less geared to the short-term”

Andrew Pettigrew (1944) University professor

although others saw in it the rule of accountants
Chris Hendry and Andrew Pettigrew. "Human resource management: an agenda for the 1990s." International journal of human resource management 1.1 (1990): 17-43.

“The relationship of faith and politics is not about fashioning religious beliefs into political platforms. It is, instead, the way in which faithful people go about the work of politics. If it were the former, family values could be reduced to legislation, but despite the efforts of Christian conservatives, that is not possible. Family values concern how a person, in my case a political person, values his family, his wife and his children. Is the family, especially the spouse, first on the list of priorities, or is it somewhere down the line?”

John Danforth (1936) American politician

Page 124
Faith and Politics (2006)

“Because no single person or family has a monopoly over the talent, intelligence, skill, and good intentions for our country”

Francis Escudero (1969) Filipino politician

2015, Speech: Declaration as Vice Presidential Candidate
Context: I believe that every Filipino—rich or poor, young or old, man or woman, educated or not, good-looking or not, pedigreed or not, whether they live in Makati or in the provinces — has the ability, capacity, and right to devote his or her life to serving our country. Because no single person or family has a monopoly over the talent, intelligence, skill, and good intentions for our country.

“Keynes didn’t make an all-out assault on Economic Man, but he often resorted to plausible psychological theorizing rather than careful analysis of what a rational decision-maker would do. Business decisions were driven by “animal spirits,” consumer decisions by a psychological tendency to spend some but not all of any increase in income, wage settlements by a sense of fairness, and so on.
But was it really a good idea to diminish the role of Economic Man that much? No, said Friedman, who argued in his 1953 essay “The Methodology of Positive Economics” that economic theories should be judged not by their psychological realism but by their ability to predict behavior. And Friedman’s two greatest triumphs as an economic theorist came from applying the hypothesis of rational behavior to questions other economists had thought beyond its reach.”

Paul Krugman (1953) American economist

"Who Was Milton Friedman?", The New York Review of Books (February 15, 2007)
The New York Review of Books articles

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Gary S. Becker8

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