Robert W. Fogel, the 1993 Nobel Prize Laureate for Economics, through his work on “efficiency wages”, pointed out that hungry and undernourished workers are not as productive as well fed and healthy workers.   At the level of an individual firm, it would thus make sense for an employer to pay wages that are high enough to allow workers access to food and other necessities – even if such wages are higher than the going market rate.

As negotiations at the United Nations conference on climate change come to a close, the highest expectation is that finally, there will be a rulebook to guide countries on what should be done to slow down greenhouse gas emissions that make the earth warmer than necessary, and how countries can adapt to the impacts of climate change.