Gary Becker - Symposium

In 1992, Gary Becker was awarded the Nobel Prize in Economics for his application of economic theory to sociological issues, particularly his pioneering studies of human capital, discrimination and crime. A Princeton University graduate, he studied with Milton Friedman at the University of Chicago, where he first applied economic analysis to broader social issues. His dissertation on the effects of prejudice on the earnings and employment opportunities of minorities led to his landmark book The Economics of Discrimination, published in 1957. In his 1964 book Human Capital, he examined the influence of education, training and experience on individuals' economic performance and its further impact on the larger economy. In the 1960s, Becker's also undertook an economic study of crime and punishment. Becker proposed that many behaviors typically regarded as irrational, such as crime, are actually the product of rational choices made in constrained circumstances. Initially ignored by his more traditionally-minded peers, Becker's theories found an appreciative audience among non-economists through his monthly column in the magazine Business Week. After some years at Columbia University, Becker returned in 1970 to the University of Chicago, where he holds professorships in economics and sociology, as well as teaching in the Graduate School of Business. In recent years, Becker has used using economic theory to shed light on a range of family-related issues, including decisions regarding marriage, divorce, parental "investment" in children, and the dynamics of intra-familial self-sacrifice. His more recent books include Uncommon Sense and The Economics of Life. In this podcast, recorded at the Academy of Achievement's 2001 Summit in San Antonio, Texas, Dr. Becker discusses the concept of human capital, and the economic significance of investments in education, training, health and family. He places human beings and human behavior at the heart of modern economics. In 2007, President George W. Bush recognized Dr. Becker's achievement with the nation's highest civilian honor, the Presidential Medal of Freedom.