Time fulfils following conditions to qualify as wealth. 1)Time can be expressed in Units. 2)Time can be changed to other forms of wealth. 3)Like all other forms of wealth, time moves from higher concentration to lower concentration till equilibrium is reached. 4) Like all other forms of wealth,...

Wealth is defined as one that has 'Value in Exchange' and 'Value in use'. Accountants, in financial statements show items like goodwill, loss and depreciation that may/maynot have 'Value in exchange'. Who is right? Mathematics has an answer. Can we add 2a and 3a? Yes. Can we subtract 2a from 7a?...

Law of Conservation is a universal Law and applies to mass, energy and wealth alike. When wealth is changed from one form to the other, the value of transferee form of wealth equals value of transferor form of wealth. This leads to inferance that wealth can neither be created nor be destroyed...

Economists say that Law of Equilibrium applies to systems of wealth as well. There is no clear idea as to how this Law operates. In systems of matter and energy equilibrium is reached by movement of matter/energy from higher level/concentration to lower concentration. Similar process operates in...

The branch of science (or Economics) that deals with nature, properties, laws and classification of wealth is yet to be named. This branch of science is a mirror image of chemistry. The utility ( I call utility as all that a human being needs) is similar to water. The utility complex of every...

There is very little evidence on the effects of the minimum wage on prices in the international literature and none whatsoever for developing countries. This paper analyzes the effects of the minimum wage on prices using monthly Brazilian household and price data from 1982 to 2000 aggregated at...

A key area of focus in the economic reform process and the design of a favorable business environment is labor market legislation. Montenegro has obviously failed in this area. After nearly 13 years since the beginning of the transition process, or five years since the beginning of Economic...

In many countries the shadow employment has a very high priority among policymakers. A new time series for this component of the labour market has been recently released by the Italian institute of statistics. Taken together they give the motivation and the occasion for a fresh analysis of the...

Using an econometric procedure that corrects for both self-selection of individuals into their preferred compensation scheme and wage endogeneity, this study investigates whether significant differences exist in the job satisfaction of individuals receiving performance- related pay (PRP)...

Instrumental variables (IV) estimates of the effect of fertility on female labor supply have only been able to identify the causal effect of second and higher-parity children. This study uses exogenous variation in fertility caused by the Chinese lunar calendar to identify the effect of the...