PCJ260Y1 Chapter Notes - Chapter 14: Sage Publications, Preventive War, Prospect Theory
14 Apr 2018
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Gary s. becker, (cid:373)the economic way of looking at behavior,(cid:374) journal of. Forward looking and consistent (but rooted in the past) Actions are constrained by income, time, imperfect memory. Influence of race, gender, etc. on personal tastes and attitudes. Different levels of discrimination working together (black and woman) Discrimination does not really raise wages for the majority but greatly lowers for the minority. "competing away" discrimination depends upon tastes and nature of functions of firm production. Beliefs can be self fulfilling --> minorities become less productive. Firms measure by how much money to avoid hiring disliked. Consumers measure by how much money to avoid products and services produced by disliked. Criminals are rational: likelihood of apprehension and conviction and severity of punishment. Economic and social environment created by public policies, expenditures on police, punishments, opportunities (schooling) Forcible distribution of wealth through theft --> waste. Analyze why they do in order to prevent (i. e. impose fines)
