Nobel Laureate economist Gary Becker died at the age of 93 due to illness in Chicago on 3 May 2014. He was professor of economics and sociology at the University of Chicago.
American economist, Becker received the Nobel Prize in 1992 in economics for using economics to analyse human behaviour and interaction topics such as crime (why people commit it), discrimination against minorities and family life. The other awards include the Presidential Medal of Honor in 2007 and the John Bates Clark Medal in 1967.
His works include The Economics of Discrimination (1957), Human Capital (1964) and A Treatise on the Family (1981).
About Gary Becker
Becker was born in Pottsville, Pennsylvania in 1930. He completed graduation in mathematics at Princeton University and master’s degree and a doctorate from the University of Chicago. He did research at the National Bureau of Economic Research.
His method of analysis called as economic approach, assumed that people act rationally that is in a calculated way, balancing varied motivations and employing cost-benefit assessments rather than always in pursuit of personal gain.