The luxury axiom, the wealth paradox, and child labor
Document Type
Journal article
Source Publication
Journal of Economic Development
Publication Date
9-1-2011
Volume
36
Issue
3
First Page
25
Last Page
45
Publisher
Chung-Ang University * Economic Research Institute
Keywords
Child Labor, Luxury Axiom, Wealth Paradox, Substitution Axiom
Abstract
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 ¡°wealth paradox¡±. The current paper has two aims. First, it develops a model that provides an explanation for ¡°the wealth paradox¡± in light of the luxury axiom and the substitution axiom. Second, it helps understand the relationship between the luxury axiom and the substitution axiom.
Print ISSN
02548372
Publisher Statement
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Full-text Version
Publisher’s Version
Language
English
Recommended Citation
Fan, C. S. (2011). The luxury axiom, the wealth paradox, and child labor. Journal of Economic Development, 36(3), 25-45.