Part 1 of Essay
What Are The Main Strengths and Weaknesses of The Rational Choice Approach To One of the pioneers of the rational choice theory has been Gary Becker. He states that this approach can be applied to all human behaviour, including religion. This approach has three assumptions. It assumes that people engage in maximising beha ....

Part 2 of Essay
.... involves four theorems. Firstly, a rise in price reduces the quantity demanded. The example he gives is if people have to put more time and effort into having children then less people will do so. Secondly, a rise in price increases the quantity supplied, the example given is women in the labour market. Thirdly, competitive markets are more efficient then monopolistic markets and lead to the diversity of a product. Fourthly, a tax on the output of a market reduces that output eg the punishment of criminal ....