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Exploring Wages, Job Happiness, and Discrimination in the Workforce

Discover the starting wages for dream jobs and understand how supply, demand, talent, utility, danger, and human capital impact wages. Explore the happiest jobs according to Forbes and delve into the concept of human capital. Evaluate the gender pay gap and the role of job experience in wage differences. Learn about the wage gap, its causes, and potential solutions. Gain insights into the effects of discrimination on wages and hiring.

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Exploring Wages, Job Happiness, and Discrimination in the Workforce

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  1. Chapter 19 Thoughts & Questions I am not going to discriminate my love for Econ

  2. Pick your dream job. What do you think the starting wage is for the job? Remember how supply, demand, natural talent, utility, danger, and human capital affect the wage.

  3. Happiest Jobs 2011 (Per Forbes) • 1.  Clergy:  The least worldly are reported to be the happiest of all • 2. Firefighters: Eighty percent of firefighters are “very satisfied” with their jobs, which involve helping people. • 3. Physical therapists: Social interaction and helping people apparently make this job one of the happiest. • 4. Authors: For most authors, the pay is ridiculously low or non-existent, but the autonomy of writing down the contents of your own mind apparently leads to happiness. • 5.  Special education teachers: If you don’t care about money, a job as special education teacher might be a happy profession. The annual salary averages just under $50,000.

  4. Human Capital • What is it? • How can we increase it?

  5. What determines wages (compensating differentials)? • Talent • Effort

  6. Question 1 • Evaluate the following statement: "The gender pay gap provides evidence of widespread, severe, ongoing discrimination by employers and fellow workers."

  7. Question 1 Answer • There are many explanations of the gender pay gap. Some are associated with discrimination both by consumers and employers. Others are not associated with discrimination. Examples of factors that would explain why men earn more than women, on average, but that are not associated with discrimination include years of labor-market experience, types of jobs, levels of human capital, and on-the-job training.

  8. Question 2 • Explain the role of job experience in explaining the differences between the average wages of men and women.

  9. Question 2 Answer • Women, who have primary responsibility for housework and child-rearing duties, typically have less continuity in the labor force. As such, there is a difference in the average years of job experience between men and women.

  10. Question 3 • Why would people working nights make more than people working days?

  11. Question 4 • What is the wage gap? What causes it? How can we close it?

  12. Question 5 • How does discrimination affect wages and hiring of people?

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