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A few years ago, the city council of Monza, Italy, barred pet owners from keeping goldfish in curved bowls. . . saying that it is cruel to keep a fish in a bowl with curved sides because, gazing out, the fish would have a distorted view of reality. But how do we know we have the true, undistorted picture of reality?

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Gary Becker

I am saying that the economic approach provides a valuable unified framework for understanding all human behaviour

Approach, Behaviour, Economics, Saying, Understanding, Valuable
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Economy is the art of making the most of life.

Art, Economy, Life, Making

Human capital analysis starts with the assumption that individuals decide on their education, training, medical care, and other additions to knowledge and health by weighing the benefits and costs. Benefits include cultural and other non-monetary gains along with improvement in earnings and occupations, while costs usually depend mainly on the foregone value of the time spent on these investments.

Analysis, Foregone, Gains, Spent, Training

Even a wizard would have a great deal of difficulty repealing the economic law that higher minimum wages reduce employment. Since politicians are not wizards, they should not try.

Employment, Law, Politicians, Trying, Wages

Different constraints are decisive for different situations, but the most fundamental constraint is limited time.

Constraint, Decisive, Different, Fundamentals, Limited Time, Situations

Along with others, I have tried to pry economists away from narrow assumptions about self interest. Behavior is driven by a much richer set of values and preferences.

Assumption, Assumptions, Behavior, Richer, Self, Values
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