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 i°wealth paradoxi±. The current paper has two aims. First, it develops a model that provides an explanation for i°the wealth paradoxi± in light of the luxury axiom and the substitution axiom. Second, it helps understand the relationship between the luxury axiom and the substitution axiom.
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