Economists generally accept as a given the old adage that
there's no accounting for tastes. Nobel Laureate Gary Becker
disagrees, and in this lively new collection he confronts the
problem of preferences and values: how they are formed and how they
affect our behavior. He argues that past experiences and social
influences form two basic capital stocks: personal and social. He
then applies these concepts to assessing the effects of
advertising, the power of peer pressure, the nature of addiction,
and the function of habits. This framework promises to illuminate
many other realms of social life previously considered off-limits
by economists.
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