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Science

Hawthorne Effect

I was listening last week to the “More or Less” podcast with Tim Harford, which by the way is one of my favourite Radio 4 programmes and I highly recommend it. In the programme they… Read More »Hawthorne Effect

Mad or Economist…

Kenneth Boulding, President Kennedy’s environmental adviser said something about this: “Anyone who believes in indefinite growth in anything physical, on a physically finite planet, is either mad – or an economist.”

Wages are the opportunity cost of leisure

Wages are the opportunity cost of leisure. The higher the wage rate, the more hours of leisure a worker will forego and the more hours of labour he will supply.