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Both give you frequency information. But disadvantage of the fourier transform that it losses the time or spatial information. but Wavelet transform perserve the spatial information along with the frequency information
yes..wavelet transform gives time as well as frequency information.
this is because, the signal under analysis is multiplied my the wavelet( it is like a window function)..which can be translated (moved) in time and also dilated(expand and shrink). and like this the information from the signal can be captured.
it is similar to STFT but only difference is instead of window we use wavelet.
I think Both is on concept of calculation on positive axis and both have long time development so sometime It call to be physical model or perhap analytical mathematic formula, too.
But more accurrate & proper model should be explored rather than to be modified equation for error limiting.
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