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When analysing the effect of a National Minimum Wage (NMW), the first point to consider is whether the mandatory NMW is higher or lower than the market wage for the same work in the same location. Setting a national level minimum wage is therefore problematic, in that the market… Read More »Effects of Minimum Wage laws
Is Green Capitalism a Contradiction in Terms? Certain voices lay the blame for the incipient climate crisis at the door of capitalism. In this view, it is the very system of capitalist economics which is the proximate cause of the pervasive environmental degradation, which poses a threat to future food… Read More »Green Capitalism?
There is an apparent paradox in the relative values of water and diamonds, which has been analysed by numerous authors over the centuries, including Plato, Adam Smith and John Locke. This so-called “paradox of value” notes that while water is essential to life and diamonds are not, the market price… Read More »The Paradox of Value