Gary Becker was born on February 12, 1930, in Pennsylvania. He displayed a keen interest in economics from a young age, which eventually led him to pursue a career in the field. After completing his undergraduate studies at Princeton University in the early 1950s, Becker went on to earn his Ph.D. from the University of Chicago.
Throughout his academic career, Becker made significant contributions to the fields of social and family economics. In the late 1950s and early 1960s, he held a professorship at Columbia University, where he further developed his research and theories on the economic behavior of individuals and families.
In 1992, Becker was awarded the Nobel Memorial Prize in Economic Sciences in recognition of his groundbreaking work in the field. Additionally, in 2007, he received the Presidential Medal of Freedom for his lasting contributions to economics and social policy.
One of Becker's most famous ideas is the "rotten kid theorem," which he developed as a way to explain altruistic behavior within families using economic theory. This concept revolutionized the field of family economics and shed new light on the motivations behind human behavior.
Becker was married twice in his lifetime. With his first wife, Doria Slote, he had two daughters, Judy and Catherine. After Slote's passing in 1970, Becker later married Middle East historian Guity Nashat and became a stepfather to her children, Michael and Cyrus Claffey.
Becker's work on crime and punishment has often been compared to that of philosopher Jeremy Bentham. While Bentham's rational choice theory takes a more optimistic view of human nature, Becker's research delves into the economic incentives behind criminal behavior and the possibility of eradicating crime altogether.
In conclusion, Gary Becker's impact on the field of economics is immeasurable. His innovative ideas and research have paved the way for new developments in social and family economics, leaving a lasting legacy that continues to inspire generations of economists and scholars.