Summary An Economic way of looking at life by Gary Becker Essay

Summary An Economic way of looking at life by Gary Becker - Essay Example Economic way of looking at life helps individuals to know moral pathways and how to be ethical in economics. In chapter 7, social issues that are discussed are termed as labor supply, which in it you find household production, the family, and the life cycle which can be well analyzed by economic way of looking at life. In making household decisions, certain factors have to be in mind. Some of these factors are, the economy, time, income and individuals involved. In household decision making, one of the key attribute is the size. For instance the size of the family and number of children dictate the economic way of living of that family. Often, women in society have a role in bearing and raising a certain number of children and carrying out farm works as opposed to men who work in outside jobs in various offices. Economic analysis of this kind of decision shows that the labor force is low compared to the size of the family. This is because, the income from the couple would be more compared to when only the male individual is working. If the latter is used it would mean poor living standards as the family is growing. As regards to whether families uses more by consuming purchased goods as opposed to home made goods also differs if we analyze using our knowledge on economic way of looking at life. Although there is no such a big difference between the two, if things such as labor and the time spent to produce the home made goods are considered, economic wise consuming household good will carry the day since leisure is achieved and no supervision when producing them. In a later age, household decision on when to retire comes in. The topic about taking care of yet grown up children and on the other hand, older children taking care of the aged parents is dominant. These two are interconnected and each of them is crucial and important. Analysis of this economically