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In 1993 Joel Waldfogel published a paper “The Deadweight Loss of Christmas” in which he declared that the tradition of gift-giving causes economic losses for society because recipients generally value the items they receive as gifts less than the price that was paid by the givers.
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Is inequality bad for economic development? There has been a lively debate on this issue. Some economists argue that inequality is necessary for economic growth, while others are against it.
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Wages and productivity levels differ across countries. For instance, in 2011 the average yearly income in the US was about $53 000, whilst the same indicator was $250 in Madagascar.
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How can a society become more prosperous? This question has been on the minds of economists and policymakers for centuries.
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In 1905, Max Weber, in his masterpiece, “The Protestant Ethics and Spirit of Capitalism”, proposed an interesting hypothesis which claimed that Protestantism, Calvinism, and Puritan ethics influenced the development of capitalism.