Short answers, pulled from the story.
Gary Becker received the 1992 Nobel Memorial Prize in Economic Sciences "for having extended the domain of microeconomic analysis to a wide range of human behavior and interaction, including nonmarket behavior." He was the first economist to systematically apply economic methods to topics such as crime, discrimination, and family organization.
Gary Becker's human capital theory, introduced in his 1964 book Human Capital, argues that people gain economic value by investing in education, training, and health, just as companies invest in machines or technology. The theory explains why workers with more education tend to earn higher wages and why nations benefit from supporting skill development.
The rotten kid theorem is an economic theory Becker developed based on figures for United States families in 1981. It argues that even a perfectly selfish child within a family headed by an altruistic parent will act to serve the family's collective welfare, because behavior that undermines the family reduces the transfers the parent will make.
Becker argued that discrimination is economically costly for the firm that practices it. A discriminating employer must pay a premium to non-minority workers to keep them, while a firm willing to hire from a broader pool can offer lower wages and still attract productive labor. He made this case in his 1955 University of Chicago dissertation, The Economics of Discrimination.
Gary Stanley Becker, born on the 2nd of December 1930 in Pottsville, Pennsylvania, was an American economist and a leader of the Chicago school of economics. He held a joint appointment as professor of economics and sociology at the University of Chicago, and also taught at Columbia University from 1957 to 1970.
In a 2007 article titled "Introducing Incentives in the market for live and cadaveric organ donations," Becker and Elias argued that a free market could help address the scarcity of organs for transplant. Their economic modeling estimated the market price for human kidneys at around US$15,000 and human livers at around US$32,000.