Becker's theory of value

Becker's theory of value, developed by economist Gary Becker, suggests that individuals make choices based on the perceived utility, or satisfaction, derived from various options. He emphasizes that people consider not just monetary costs but also time and personal preferences when making decisions. This theory applies to diverse areas, such as education, family dynamics, and health, illustrating how individuals weigh the benefits versus costs of their actions to maximize their overall well-being. Essentially, it highlights the rational decision-making processes behind everyday choices that shape our lives and society.