Gary S. Becker

AAA

DEFINITION of 'Gary S. Becker'

An American economist who won the 1992 Nobel Prize in Economics for his microeconomic analysis of human behavior and interaction. Before Becker, human behavior was primarily analyzed within the framework of other social sciences, such as sociology. His prize-winning research focused on investments in human capital, family/household behavior, crime and punishment and discrimination in markets.

INVESTOPEDIA EXPLAINS 'Gary S. Becker'

Born in 1930 in Pennsylvania, Becker earned his Ph.D. from the University of Chicago, and numerous universities have awarded him honorary doctorate degrees. He taught at Columbia University before returning to the University of Chicago, to continue teaching in the departments of economics and sociology and in the business school. In addition to the Nobel Prize, Becker was awarded the John Bates Clark medal in 1967 and the Presidential Medal of Freedom in 2007.

RELATED TERMS
  1. Nobel Memorial Prize In Economic ...

    A prestigious award acknowledging outstanding contributions to ...
  2. Economist

    An expert who studies the relationship between a society's resources ...
  3. Market Economy

    An economic system in which economic decisions and the pricing ...
  4. Microeconomics

    The branch of economics that analyzes the market behavior of ...
  5. Free Market

    A market economy based on supply and demand with little or no ...
  6. Macroeconomics

    The field of economics that studies the behavior of the aggregate ...
RELATED FAQS
  1. What is the theory of asymmetric information in economics?

    The theory of asymmetric information was developed in the 1970s and 1980s as a plausible explanation for common phenomena ... Read Full Answer >>
  2. What's the difference between insider trading and insider information?

    Insider information is the knowledge of nonpublic material about a publicly traded company that may affect the stock's price. ... Read Full Answer >>
  3. How is a market failure prevented with regard to public goods?

    It was once commonly accepted that any public good constituted a market failure and provided necessary and sufficient conditions ... Read Full Answer >>
  4. Can the Efficient Market Hypothesis explain economic bubbles?

    The efficient market hypothesis (EMH) cannot explain economic bubbles because, strictly speaking, the EMH would argue that ... Read Full Answer >>
  5. How does mercantilism impede global economic growth?

    Mercantilism impedes global economic growth by leading producers to specialize in goods and services that do not take account ... Read Full Answer >>
  6. What is the history of corporations in America?

    The first American corporations were developed in the 1790s, almost instantly becoming key institutions in the economy. Though ... Read Full Answer >>
Related Articles
  1. Economics

    The Austrian School Of Economics

    Investopedia explains: If you think economists are only concerned with numbers, check out the Austrian School, who are more like economic philosophers.
  2. Options & Futures

    Nobel Winners Are Economic Prizes

    Before you try to profit from their theories, you should learn about the creators themselves.
  3. Investing Basics

    Economic Indicators That Do-It-Yourself Investors Should Know

    Understanding these investing tools will put the market in your hands.
  4. Economics

    The History Of Economic Thought

    Economics is a vital part of every day life. Discover the major players who shaped its development.
  5. Personal Finance

    The History Of Capitalism: From Feudalism To Wall Street

    Find out how the economic system we now use was created.
  6. Options & Futures

    Explaining The World Through Macroeconomic Analysis

    From unemployment and inflation to government policy, learn what macroeconomics measures and how it affects everyone.
  7. Economics

    The Importance Of Inflation And GDP

    Learn the underlying theories behind these concepts and what they can mean for your portfolio.
  8. Investing

    What's an Agency Problem?

    An agency problem occurs when a conflict of interest arises for an agent -- a person acting on behalf of another person. The conflict of interest arises when the agent’s own interests are different ...
  9. Investing Basics

    The Dodd-Frank Wall Street Reform Act

    The Dodd-Frank Wall Street Reform and Consumer Protection Act, commonly called Dodd-Frank, was passed in 2010. The goal of the act is to prevent another great recession like that of 2008, which ...
  10. Stock Analysis

    A New Economic Threat: State-Sponsored Hacking

    State sponsored hacking attempts are becoming a major cause of concern to the US. Here is a list of US sectors most vulnerable to state-sponsored hacking.

You May Also Like

Hot Definitions
  1. Fiduciary

    1. A person legally appointed and authorized to hold assets in trust for another person. The fiduciary manages the assets ...
  2. Expected Return

    The amount one would anticipate receiving on an investment that has various known or expected rates of return. For example, ...
  3. Carrying Value

    An accounting measure of value, where the value of an asset or a company is based on the figures in the company's balance ...
  4. Capital Account

    A national account that shows the net change in asset ownership for a nation. The capital account is the net result of public ...
  5. Brand Equity

    The value premium that a company realizes from a product with a recognizable name as compared to its generic equivalent. ...
Trading Center