This paper analyzes the tax penalty on volatile personal income under progressive tax rates. The phenomenon may have an effect on long-term entrepreneurial decisions as well as risky occupational choice. An options-based model is used to estimate the expected effective rate due from tax-payers...

The paper deals with one of the biggest problems currently faced by the Czech labour market: namely, a shortage of labour with regard to specialists who have completed tertiary education. The introduction stresses the importance of knowledge capital both in contemporary society and in a...