Niall Kishtainy - A Little History of Economics: Chapter 23 Summary: The Economics of Everything (Essay Sample)

Niall Kishtainy - A Little History of Economics:
Chapter 23 Summary: The Economics of Everything
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Professor Howard Hisdal
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In chapter twenty-three, Niall Kishtainy summarizes the non-economic aspects, that is, the social aspects of life.1 It is clearly stated that the economics of everything involves the social part. For a clear illustration of how the economics of everything relates to the economics of everything, social scientists such as Gary Becker are used. The social aspect excludes the economic idea of scarcity, a limited supply of goods. The author also talks about how he came to chapter twenty-three by summarizing past economic thinkers such as Gary Becker (1930–2014) as one way to see through economic theory into human nature and society.1 In addition, chapter twenty-three follows on from the previous one; that is, in chapter twenty-two, the big push by stressing the main point of almost any resource can be used as a means of exchange, depending on the circumstances.
Gary Becker was a pioneer of positive economics, which tries to explain what happens rather than what should happen. Becker argued that a lot of social behavior could be explained by appealing to self-interest. Becker tried to show how economists could use their tools to understand marriage, crime, discrimination, and markets for goods and services. Becker’s most famous book is The Economics of Discrimination (1957), which looked at why employers might prefer white workers over black ones even if they were equally productive.1 Becker showed that employers would discriminate if they did not have perfect information about workers, if they could not tell whether someone was black or white just by looking at them, for example.
In addition, Becker argued instead that criminals are rational people who weigh up their chances of getting caught and sent to