The Economic Approach To Human Behaviour – George Bernard Shaw
In Economic approach human behaviour is very important. According to their life standards, types and their preference and taste are effected consumption. Economic approach is said to be study of the allocation of material goods to satisfy material wants, the market sector and the allocation of scarce means to satisfy competing ends. The defined with to the economic science. Allocation of resource to satisfy endless destiny. Economic approach includes to effects from sociological, psychological, anthropological, political, or even genetically approaches.
The definition of economics in terms of material goods and in terms of scarce means and competing ends is the most general of all. Scarcity and choice characterize all resources allocated by the political process; by the family; by scientist and so on in endless variety. The important theorems derived from the economic approach indicate that it has been completed in a way that yields much more than a bundle of empty.
Economic approach is a comprehensive one that is applicable to all human behaviour, be it behaviour involving money prices or imputed shadow prices, repeated or infrequent decisions, large or minor decisions, emotional or mechanical ends, rich or poor persons, men or woman, adults or children, brilliant or stupid persons, patients or therapists, businessmen or politicians, teachers or students.
Applicable economic approach to fertility, education, the uses of time, crime, marriage, social interactions and other sociological, legal, political problems. Human try to his/her utility maximize and cost is minimize. That is Basic economic behaviour maximum benefit and minimum leisure or cost.
The economic approach to human behaviour is not new, even outside the market sector. Jeremy Bentham was explicit about his belief that the pleasure-pain calculus applicable to all human behaviour. Adam Smith often used this approach to understand political behaviour.
According to economic approach a person decides to marry when the utility expected from marriage exceeds that expected from remaining single or from additional search for a more suitable mate. The economic approach has numerous implications about behaviour that could be falsified such as it implies that likes tend to marry each other, when measured by intelligence, education, race, family background, height, and many other variables and that unlike marry when measured by wage rates and some other variables.