 What was Gary Becker's biggest mistake? His biggest mistake was his greatest virtue, which was a unfailing commitment to the rationality assumption. So I love Gary Becker as a person and as a scholar, you know, he's in the pantheon, but his insistence on human rationality was both what made him as fantastic as he was, but also let him astray. So I'll give you a term for it. It's actually recently invented by Matthew Rabin, a behavioral economist. The term is explain-o-ations, and the term means suppose you have a situation where people, let's say, value a coffee mug that they've been given more than a coffee mug that their neighbor has been given. That's an anomaly that there's an immediate increase in value once you get the thing. An explain-o-ation might say something like, well, there's transaction costs in trading, which is desperate. It's an explain-o-ation. It's not an explanation. And Gary Becker was both in his writing and even more in person, a master of the explain-o-ation, where he'd come up with some account which had surface credibility, so he could say it, but nah.