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Earning and Discrimination - Example Papers

Earning and Discrimination

Jeremiah Davis
4-22-13
Outline/Essay
Chpt.19&20
7[th] Period

Chpt.19: Earning and Discrimination

* Compensating Differentials:

Economists use the term compensation differential to refer to a difference in wages that arises from nonmonetary characteristics of different jobs. Compensating differentials are prevalent in the economy.

* Human Capital:

Human capital is the accumulation of investments in people. The most important type of human capital is education. Like all forms of capital, education represents an expenditure of resources at one point in time to raise productivity in the future. But unlike an investment in other forms of capital, and investment in education is ...

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supply.

* Ability, Effort, and Chance

Natural ability is important for workers in all occupations. Because of heredity and upbringing, people differ in their physical and mental attributes. Some people are strong, other weak. Some people are smart, others less so. Some people are outgoing, other awkward in social situations. These and many other personal characteristics determine how productive workers are and, therefore, play a role in determining the wages they earn.

Chance also plays a role in determining wages. If a person attended a trade school to learn how to repair televisions with vacuum tubes and then found this skill made obsolete by the invention of solid-state, electronics, he or she would end up earning a low wage compared to others similar years of training. The low wage of this worker is due to chance a phenomenon that economists recognize but don't shed much light on.

* An Alternative View of Education: Signaling

In the signaling theory of education, ...

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PAPER DETAILS

Added: 4/30/2013 09:03:24 PM
Submitted By: Cashop
Category: American History
Type: Premium Paper
Words: 690
Pages: 3

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