ABOVE-EQUILIBRIUM WAGES: MINIMUM-WAGE LAws, UNIONS, AND EFFICIENCY WAGES

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ABOVE-EQUILIBRIUM WAGES: MINIMUM-WAGE LAWS, UNIONS, AND EFFICIENCY WAGES Most analyses of wage differences among workers are based on the equilibrium model of the labor market-s-that is, wages are assumed to adjust to balance labor supply and labor demand. But this assumption does not always apply. For some workers, wages are set above the level that brings supply […]

THE SUPERSTAR PHENOMENON

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THE SUPERSTAR PHENOMENON Although most actors earn little and often take jobs as waiters to support themselves, Robin Williams earns millions of dollars for each film he makes. Similarly, while most people who play tennis do it for free as a hobby, Venus Williams earns millions on the pro tour. Robin Williams and Venus Williams are superstars in […]

Children Smart Enough to Get into Elite Schools May Not Need to Bother

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Children Smart Enough to Get into Elite Schools May Not Need to Bother Your son or daughter has just been accepted to both the University of Pennsylvania and to Penn State. The dcadline for decision is May 1. Where should he or she go? Many factors should be considered, of course, but lots of parents and […]

AN ALTERNATIVE VIEW OF EDUCATION: SIGNALING

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AN ALTERNATIVE VIEW OF EDUCATION: SIGNALING Earlier we discussed the human-capital view of education, according to which schooling raises workers’ wages because it makes them more productive. Although this view is widely accepted menisci economists have proposed an alternative theory, which emphasizes that firms use educational attainment as a way of sorting between high ability and low-ability workers. […]

CASE STUDY

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CASE STUDY THE BENEFITS OF BEAUTY People differ in many ways. One difference is in how attractive they are. The actor Brad Pitt, for instance is a handsome man. In part for this reason, his movies attract large audiences Surprisingly, the large audiences mean a large income for Mr. Pitt. How prevalent are the economic benefits of […]

ABILITY, EFFORT, AND CHANCE

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ABILITY, EFFORT, AND CHANCE Why do major league baseball players get paid more than minor league players? Certainly, the higher wage is not compensating differential. Playing in the major leagues is not a less pleasant j b than playing in the minor leagues; in fact, the opposite is true. The major leagues do not require more years […]

HUMAN CAPITAL

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HUMAN CAPITAL As we discussed in the previous chapter, the word caital usually refers to the economy’s stock of equipment and structures. The capital stock includes the farmer’s tractor, the manufacturer’s factory, and the teacher’s chalkboard. The essence of capital is that it is a factor )f production that itself has been produced: There is another type […]

COMPENSATING DIFFERENTIALS

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COMPENSATING DIFFERENTIALS When a worker is deciding whether to take a job, the wage is only one of many job attributes that the worker takes into account. Some jobs are easy, fun, and safe; others are hard, dull, and dangerous. The better the job as gauged by these nonmonetary characteristics, the more people there are who are […]