My work on human capital began with an effort to calculate both private and social rates of return to men, women, blacks, and other groups from investments in different levels of education.

The most fundamental constraint is limited time

I am saying that the economic approach provides a valuable unified framework for understanding all human behaviour

Different constraints are decisive for different situations, but the most fundamental constraint is limited time.

Fines are preferable to imprisonment and other types of punishment because they are more efficient. With a fine, the punishment to offenders is also revenue to the State.

Even a wizard would have a great deal of difficulty repealing the economic law that higher minimum wages reduce employment. Since politicians are not wizards, they should not try.

Still, intuitive assumptions about behavior is only the starting point of systematic analysis, for alone they do not yield many interesting implications.