Social 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