The Kingdom of Bhutan is a very special country. When in 2004 King Wangchuck announced that there would be free elections and the kingdom would be gradually transformed into a democracy, people demonstrated in the streets against these reforms.
On March 4, 2013, Andrew Burns, Manager of Global Macroeconomics in the Development Prospects Group of the World Bank, presented a report – “Global Economic Prospects – Assuring Growth Over Medium Term”, for ISETers.
Consider yourself in Germany in 1923, entering a bar for drinking a beer. How much would you have had to pay for that? Well, the average price for a glass of beer in the autumn of 1923 was four billion Marks.
On February 22, 2013, Professor Michele Bernasconi (Università “CàFoscari”, Venice, Italy) presented his paper “Tax Evasion: Does fiscal pressure matter? Lessons from the behavioral economics”, which was co-authored by Luca Corazzini and Raffaello Seri, to ISET students, researchers, and faculty.
According to standard economic theory, labor is a good like any other, traded on the labor market. Like with all other markets, the price for labor, which is the wage, ensures that supply meets demand.