Here are the last two items from the NY Times obit for the odious Becker:
He said that, unlike Marxists, he rejected the assumption that
individuals were motivated solely by the prospect of selfish, material gain.
Rather, he insisted, “behavior is driven by a much richer set of values
and preferences” that can also include altruism, loyalty and spite.
Actions are constrained by various factors, but the most fundamental is
limited time, he argued. “So while goods and services have expanded enormously
in rich countries,” he said, “the total time available to
consume has not. Thus wants remain unsatisfied in rich countries as well as in
poor ones.”
Now I feel sorry for the 1%, they don't have enough time to consume their
income. That makes them worse off than the unemployed, who have all the time
they need to consume their income.
Gene
On May 5, 2014, at 5:52 AM, michael yates <[email protected]> wrote:
> The wretched, reactionary economist, Gary Becker, has died.
>
> In his first book about the economics of discrimination, he
>
> described racist employers as having a "taste for discrimination."
>
> Just like you might have a "taste for pancakes." Those who
>
> had such a taste were, he argued, willing to accept lower profits
>
> to indulge it. That is, other things equal, employers
>
> would only hire black workers who were as productive as white
>
> workers if the black laborers would accept a lower wage.
>
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