University of Chicago Professor Gary Becker is my kind of economist. Over his long and illustrious career, he has applied economic reasoning to an ever-expanding range of topics before other economists thought to do so: education, race and gender discrimination, crime, marriage and family, baseball, household production, suicide, altruism, fertility, addiction and habits—and my list is hardly complete. He has been a force within the profession to redefine economics not so much by the topics covered (money or markets or business), but as a way of thinking about human behavior. He has co-authored a book with a title that captures the expansive range of his analytics, The Economics of Life.
KeywordsOpportunity Cost Wait Time Grocery Store Loyal Customer Risk Cost
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