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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.

THE LUXURY AXIOM, THE WEALTH PARADOX, AND CHILD LABOR