Due to various externalities, a labour market never operates in perfect competition mode. One such externality is the inelasticity in wages introduced due to personal fulfilment and satisfaction that led to personal job preference. This meant that salary is not the sole determinant of one’s...

Discovering of price of labour is perhaps one of the grand challenges in micro-economics because the issue is beset with politics, and behavioural economics. But, if we cast a glance at the amount of time citizens around the world spent on education, it would not be difficult to convince...