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Education and Life time wage potential

Education and Life time wage potential. Chapter 9 Part 2. Human Capital. Human Capital is similar to Physical Capital but there are some Important Differences Nonpecuniary (non-monetary) issues The utility derived from attending School The utility of working in an office vs. outdoors.

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Education and Life time wage potential

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  1. Education and Life time wage potential Chapter 9 Part 2

  2. Human Capital • Human Capital is similar to Physical Capital but there are some Important Differences • Nonpecuniary (non-monetary) issues • The utility derived from attending School • The utility of working in an office vs. outdoors

  3. Human Capital • It is more difficult to finance human capital than it is to finance physical capital • Why?

  4. All Females Employment Distribution According To Education Level 80.00% 70.00% 60.00% 50.00% Percent 40.00% 30.00% <HS HS 20.00% <CL CL 10.00% 0.00% MGT/PRO <HS HS SERVICE TEC/SAL/ADM Education Level <CL PRE/PROD OP/FAB Job Type CL F/F/F

  5. Conclusions • As compared to the 1970’s, at the end of the XX Century, American women have achieved parity in education attainments • A white male college graduate is more likely to achieve managerial or professional status than the black male counterpart

  6. Conclusions (continuation) • A black male with less than a high school degree is more likely to be an operator or fabricator than the white male counterpart • A white male with a high school degree is nearly twice as likely to be in managerial or professional status than the black counterpart

  7. Conclusions (continuation) • A white female with a high school degree is more likely to be in a technical/sales/administrative job than the black female counterpart. • Black female college graduate is about as likely as her white counterpart to be in a managerial or professional job

  8. Income • Thus it appears that gender, race and education have an impact on the type of jobs and that has an impact on the wages • Recall from an earlier handout the following table

  9. HOUSEHOLD DATA HOUSEHOLD DATA ANNUAL AVERAGES ANNUAL AVERAGES 39. Median weekly earnings of full-time wage and salary workers by detailed occupation and sex (Numbers in thousands) 2005 Both sexes Men Women Occupation Number Median Number Median Number Median of weekly of weekly of weekly workers earnings workers earnings workers earnings Total, 16 years and over............................................... 103,560 $651 58,406 $722 45,154 $585 Management, professional, and related occupations...................... 36,908 937 18,311 1,113 18,597 813 Management, business, and financial operations occupations... ..... 14,977 997 8,195 1,167 6,782 847 Professional and related occupations.......................... .... 21,931 902 10,116 1,058 11,815 792 Service occupations............................................... .... 14,123 413 7,024 478 7,099 379 Sales and office occupations....................................... ... 25,193 575 9,539 690 15,654 520 Sales and related occupations...................................... 10,031 622 5,582 762 4,449 483 Office and administrative support occupations...................... 15,161 550 3,957 605 11,205 533 Natural resources, construction, and maintenance occupations........... 12,086 623 11,569 628 517 486 Farming, fishing, and forestry occupations......................... 755 372 601 388 154 327 Construction and extraction occupations............................ 6,826 604 6,663 606 163 480 Installation, maintenance, and repair occupations.................. 4,504 705 4,305 706 199 691 Production, transportation, and material moving occupations............ 15,251 540 11,963 591 3,288 420 Production occupations.......................................... .. 8,403 538 5,991 608 2,412 423 Transportation and material moving occupations................... . 6,848 543 5,972 574 876 412

  10. Marital Status • Since financing Human Capital is so expensive and uncertain • The marital status of the individual may have some barring on the investment

  11. Women Have not Always faired as well • Early in the XX Century women were not even allowed to obtain Professional degrees • Very few went beyond high school

  12. Associate’s Degrees Earned by Race/Ethnicity

  13. Bachelor’s Degrees Earned by Race/Ethnicity

  14. Master’s Degrees Earned by Race/Ethnicity

  15. Doctor’s Degrees Earned by Race/Ethnicity

  16. 1st Professional Degrees Earned by Race/Ethnicity

  17. But What is The Degree for? • Are women selecting specific fields or are they searching for all fields • Is there any fields that they avoid and what are the requirements

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