THE LUXURY AXIOM, THE WEALTH PARADOX, AND CHILD LABOR | Zendy

C. Simon Fan | Zendy

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THE LUXURY AXIOM, THE WEALTH PARADOX, AND CHILD LABOR

Author(s) -

C. Simon Fan

Publication year - 2011

Publication title -

journal of economic development

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 0.178

H-Index - 3

eISSN - 2636-0578

pISSN - 0254-8372

DOI - 10.35866/caujed.2011.36.3.002

Subject(s) - economics , axiom , neoclassical economics , mathematical economics , microeconomics , labour economics , positive economics , mathematics , geometry

Basu and Van (1998) present a fundamental framework of child labor with two important axioms: the luxury axiom and the substitution axiom. A number of empirical studies, however, reveal a i°wealth paradoxi±. The current paper has two aims. First, it develops a model that provides an explanation for i°the wealth paradoxi± in light of the luxury axiom and the substitution axiom. Second, it helps understand the relationship between the luxury axiom and the substitution axiom.

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