Social Economics: Market Behavior in a Social Environment / Edition 1

Social Economics: Market Behavior in a Social Environment / Edition 1

by Gary S. Becker, Kevin M. Murphy
     
 

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ISBN-10: 067401121X

ISBN-13: 9780674011212

Pub. Date: 03/01/2003

Publisher: Harvard

Economists assume that people make choices based on their preferences and their budget constraints. The preferences and values of others play no role in the standard economic model. This feature has been sharply criticized by other social scientists, who believe that the choices people make are also conditioned by social and cultural forces. Economists, meanwhile,

Overview

Economists assume that people make choices based on their preferences and their budget constraints. The preferences and values of others play no role in the standard economic model. This feature has been sharply criticized by other social scientists, who believe that the choices people make are also conditioned by social and cultural forces. Economists, meanwhile, are not satisfied with standard sociological and anthropological concepts and explanations because they are not embedded in a testable, analytic framework.

In this book, Gary Becker and Kevin Murphy provide such a framework by including the social environment along with standard goods and services in their utility functions. These extended utility functions provide a way of analyzing how changes in the social environment affect people's choices and behaviors. More important, they also provide a way of analyzing how the social environment itself is determined by the interactions of individuals.

Using this approach, the authors are able to explain many puzzling phenomena, including patterns of drug use, how love affects marriage patterns, neighborhood segregation, the prices of fine art and other collectibles, the social side of trademarks, the rise and fall of fads and fashions, and the distribution of income and status.

Product Details

ISBN-13:
9780674011212
Publisher:
Harvard
Publication date:
03/01/2003
Series:
Belknap Series
Edition description:
New Edition
Pages:
190
Product dimensions:
5.00(w) x 8.93(h) x (d)

Table of Contents

Acknowledgments

Part I The Effect of Social Capital on Market Behavior

1. The Importance of Social Interactions

2. Social Forces, Preferences, and Complementarity

3. Are Choices "Rational" When Social Capital Is Important?

Part II The Formation of Social Capital

4. Sorting by Marriage

5. Segregation and Integration in Neighborhoods

6. The Social Market for the Great Masters and Other Collectibles
with William Landes

7. Social Markets and the Escalation of Quality: The World of Veblen Revisited
with Edward Glaeser

8. Status and Inequality
with Iván Werning

Part III Fads, Fashions, and Norms

9. Fads and Fashion

10. The Formation of Norms and Values

References

Author Index

Subject Index

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