The Concise Encyclopedia of Economics
FEATURED TOPIC

Poverty in America

Isabel V. Sawhill

The United States produces more per capita than any other industrialized country, and in recent years governments at various levels have spent about $350 billion per year, or about 3.5 percent of gross domestic product, on programs serving low-income families. Despite this, measured poverty is more prevalent in the United States than in most of the rest of the industrialized world. In the mid-1990s, the U.S. poverty rate was twice as high as in Scandinavian countries, and one-third higher than in other European countries and Japan....

READ MORE
ALSO OF INTEREST

Industrial Revolution and the Standard of Living

Clark Nardinelli

Immigration

George J. Borjas

Cartels

Andrew R. Dick

OPEC

Benjamin Zycher

Frank H. Knight

Biography.

Public Choice

William F. Shughart II

Energy

Jerry Taylor and Peter Van Doren

Health Care

Michael A. Morrisey

Return to top
FEATURED BIOGRAPHY

Gary Becker

(1930-2014)

Gary S. Becker received the 1992 Nobel Prize in economics for "having extended the domain of economic theory to aspects of human behavior which had previously been dealt with--if at all--by other social science disciplines such as sociology, demography and criminology."

Becker's unusually wide applications of economics started early. In 1955 he wrote his doctoral dissertation at the University of Chicago on the economics of discrimination. Among other things, Becker successfully challenged the Marxist view that discrimination helps the person who discriminates. Becker pointed out that if an employer refuses to hire a productive worker simply because of skin color, that employer loses out on a valuable opportunity. In short, discrimination is costly to the person who discriminates....

READ MORE