A minimum wage is the lowest remuneration that employers can legally pay their employees—the price floor below which employees may not sell their labor. Most countries had introduced minimum wage legislation by the end of the 20th century. Because minimum wages increase the cost of labor, companies often try to avoid minimum wage laws by using gig workers, by moving labor to locations with lower or nonexistent minimum wages, or by automating job functions. Minimum wage policies can vary significantly between countries or even within a country, with different regions, sectors, or age groups having their own minimum wage rates. These variations are often influenced by factors such as the cost of living, regional economic conditions, and industry-specific factors.
Research and development is the set of innovative activities undertaken by corporations or governments in developing new services or products. R&D constitutes the first stage of development of a potential new service or the production process.
Minimum Description Length (MDL) is a model selection principle where the shortest description of the data is the best model. MDL methods learn through a data compression perspective and are sometimes described as mathematical applications of Occam's razor. The MDL principle can be extended to other forms of inductive inference and learning, for example to estimation and sequential prediction, without explicitly identifying a single model of the data.
A wage is payment made by an employer to an employee for work done in a specific period of time. Some examples of wage payments include compensatory payments such as minimum wage, prevailing wage, and yearly bonuses, and remunerative payments such as prizes and tip payouts. Wages are part of the expenses that are involved in running a business. It is an obligation to the employee regardless of the profitability of the company.
Timothy O'Reilly is an Irish-American author and publisher, who is the founder of O'Reilly Media. He popularised the terms open source and Web 2.0.
Erik Steenfeldt Reinert is a Norwegian economist, with development economics, economic history and history of economic policy as his specialties.
Carlota Perez is a British-Venezuelan scholar specialized in technology and socio-economic development. She researches the concept of Techno-Economic Paradigm Shifts and the theory of great surges, a further development of Schumpeter's work on Kondratieff waves. In 2012 she was awarded the Silver Kondratieff Medal by the International N. D. Kondratieff Foundation and in 2021 she was awarded an Honorary Doctorate by Utrecht University.
The Bartlett Faculty of the Built Environment, also known as The Bartlett, is the academic centre for the study of the built environment at University College London (UCL), United Kingdom. It is home to thirteen departments, with specialisms including architecture, urban planning, construction, project management, public policy and environmental design.
David Edward Card is a Canadian-American labour economist and the Class of 1950 Professor of Economics at the University of California, Berkeley, where he has been since 1997. He was awarded half of the 2021 Nobel Memorial Prize in Economic Sciences "for his empirical contributions to labour economics", with Joshua Angrist and Guido Imbens jointly awarded the other half.
Stephen Malvern Omohundro is an American computer scientist whose areas of research include Hamiltonian physics, dynamical systems, programming languages, machine learning, machine vision, and the social implications of artificial intelligence. His current work uses rational economics to develop safe and beneficial intelligent technologies for better collaborative modeling, understanding, innovation, and decision making.
Branko Milanović is a Serbian-American economist. He is most known for his work on income distribution and inequality.
In the United States, the minimum wage is set by U.S. labor law and a range of state and local laws. The first federal minimum wage was instituted in the National Industrial Recovery Act of 1933, signed into law by President Franklin D. Roosevelt, but later found to be unconstitutional. In 1938, the Fair Labor Standards Act established it at 25¢ an hour. Its purchasing power peaked in 1968, at $1.60 In 2009, it was increased to $7.25 per hour, and has not been increased since.
The Council of Economic Advisers (CEA) in Scotland was a group of economists and leading figures from the private sector and academia who advised the Scottish Government. Its principal aims were to advise on improving the competitiveness of the Scottish economy and how to tackle inequality within Scotland. It was established in 2007, meeting for the first time on 21 September. The Council had two formal meetings a year and also carried out engagement and work between meetings. Minutes of its meetings and other reports are available on its website.
Financial innovation is the act of creating new financial instruments as well as new financial technologies, institutions, and markets. Recent financial innovations include hedge funds, private equity, weather derivatives, retail-structured products, exchange-traded funds, multi-family offices, and Islamic bonds (Sukuk). The shadow banking system has spawned an array of financial innovations including mortgage-backed securities products and collateralized debt obligations (CDOs).
Jacques H. Drèze was a Belgian economist noted for his contributions to economic theory, econometrics, and economic policy as well as for his leadership in the economics profession. Drèze was the first President of the European Economic Association in 1986 and was the President of the Econometric Society in 1970.
Mariana Francesca Mazzucato is an Italian–American-British economist and academic. She is a professor in the Economics of Innovation and Public Value at University College London (UCL) and founding director of the UCL Institute for Innovation and Public Purpose (IIPP). She is best known for her work on dynamics of technological change, the role of the public sector in innovation, and the concept of value in economics. The New Republic have called her one of the "most important thinkers about innovation".
PeerJ is an open access peer-reviewed scientific mega journal covering research in the biological and medical sciences. It officially launched in June 2012, started accepting submissions on December 3, 2012, and published its first articles on February 12, 2013.
The Centre for Economic Performance (CEP) is an interdisciplinary research centre at the London School of Economics dedicated to the study of economic growth and effective ways to create a fair, inclusive and sustainable society. Currently led by Prof. Stephen Machin, it is one of the world's most prestigious economic research institutes, being the most important economic research institute in the United Kingdom, jointly with the Centre for Economic Policy Research. Its research performance has been particularly strong in the research areas of labour economics, productivity, happiness economics, human capital, the knowledge economy, ICT, innovation, education, and European microeconomic issues.
The Entrepreneurial State: Debunking Public vs. Private Sector Myths is a 2013 book written by Mariana Mazzucato which argues that the United States' economic success is a result of public and state-funded investments in innovation and technology, rather than a result of the small state, free market doctrine that often receives credit for the country's strong economy. Mazzucato argues that understanding the difference between the "myth" and the reality of this success is particularly important saying: "If the rest of the world wants to emulate the US model, they should do as the United States actually did, not as they say they did". The book was listed among the Financial Times best books of the year, and was reviewed in several publications including The New York Times and The Wall Street Journal. It is both praised and criticized by several social science journals and has started numerous discussions among economists and social scientists around the world about the role of the state in the world of technological innovations.
Danielle Charlotte Belgrave is a Trinidadian-British computer scientist based at DeepMind, who uses statistics and machine learning to understand the progression of diseases.
