Social Economics

Market Behavior in a Social Environment

Gary S. Becker

Kevin M. Murphy

  • Gary S. Becker is Winner of the 1992 Nobel Prize in Economics

[Becker and Murphy] are pioneers in the quest to extend the boundaries of rational choice theory in economics...They depict human beings not as isolated individuals but as members of society, shaped by social and cultural forces...This book marks another step in bringing economic theory closer to social reality.
   --David Throsby, Times Literary Supplement

This fascinating short book seeks to advance a 'social economics' field that would tackle such interpersonal issues head-on. It does so by addressing a diverse set of issues that includes social capital, habits and social interactions, sorting and marriage markets, segregation and integration of neighborhoods, escalation in product quality, status and inequality, and the modeling of fashions, norms, and values.
   --Stephen R. G. Jones, Journal of Economic Literature

  • Cover: Social Economics
  • A photo of the author

Gary S. Becker is University Professor of Economics and Sociology at the University of Chicago. In 1992, he was awarded the Nobel Prize in Economics.

Kevin Murphy is the George Pratt Shultz Professor of Economics and Industrial Relations, Graduate School of Business, the University of Chicago. He won the John Bates Clark Medal of the American Economics Association in 1997.