“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.”
Source: Economic Analysis of Law (7th ed., 2007), Ch. 1: The Nature of Economic Reasoning
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Richard A. Posner 11
United States federal judge 1939Related quotes
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attain targets while satisfying constraints
Simon (1997, p. 17); As cited in: Gustavo Barros (2010, p. 460).
1980s and later