Most economists measure labor productivity based on activities conducted at places of work and do not consider leisure time in their calculations. In contrast, psychologists and sociologists argue that leisure has a positive role in the production process: leisure can improve individuals’...

The question how the real and the financial side of a capitalist economy relate to each other has been a frequently recurring topic in the history of economic thought. Our paper addresses this question from the viewpoint that capital ultimately seeks returns from its perpetual reallocation and...

Parametric regression models are often not flexible enough to capture the true relationships as they tend to rely on arbitrary identification assumptions. Using the UK Labor Force Survey, the authors estimate the causal effect of national minimum wage (NMW) increases on the probability of job...