曼昆经济学原理英文版文案加习题答案19章.docx
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曼昆经济学原理英文版文案加习题答案19章.docx
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曼昆经济学原理英文版文案加习题答案19章
19
EARNINGSANDDISCRIMINATION
mination
WHAT’SNEWINTHESEVENTHEDITION:
ThereisanewIntheNewsfeatureon"HigherEducationasanInvestment"andvaluesandtableshavebeenupdated.
LEARNINGOBJECTIVES:
Bytheendofthischapter,studentsshouldunderstand:
Øhowwagescompensatefordifferencesinjobcharacteristics.
Øthehuman-capitalandsignalingtheoriesofeducation.
Øwhyafewsuperstarsearntremendousincomesinsomeoccupations.
Øwhywagesriseabovethelevelthatbalancessupplyanddemand.
Øwhyitisdifficulttomeasuretheimpactofdiscriminationonwages.
Øwhenmarketforcescanandcannotprovideanaturalremedyfordiscrimination.
LEARNINGOBJECTIVES:
Chapter19isthesecondchapterinathree-chaptersequencethataddressestheeconomicsoflabormarkets.Chapter18developedthemarketsforthefactorsofproduction.Chapter19goesbeyondthesupply-and-demandmodelsdevelopedinChapter18tohelpexplainthewidevariationinwageswefindintheeconomy.Chapter20addressesthedistributionofincomeandtherolethegovernmentcanplayinalteringthedistributionofincome.
ThepurposeofChapter19istoextendthebasicneoclassicaltheoryofthelabormarketthatwasdevelopedinChapter18.Neoclassicaltheoryarguesthatwagesdependonthesupplyanddemandforlaborandthatlabordemanddependsonthevalueofthemarginalproductivityoflabor.Toaddressthewidevariationinthewagesthatoccursintherealworld,itisimportanttoexaminemorepreciselywhatdeterminesthesupplyanddemandforvarioustypesoflabor.
KEYPOINTS:
∙Workersearndifferentwagesformanyreasons.Tosomeextent,wagedifferentialscompensateworkersforjobattributes.Otherthingsequal,workersinhard,unpleasantjobsarepaidmorethanworkersineasy,pleasantjobs.
∙Workerswithmorehumancapitalgetpaidmorethanworkerswithlesshumancapital.Thereturntoaccumulatinghumancapitalishighandhasincreasedoverthepastseveraldecades.
∙Althoughyearsofeducation,experience,andjobcharacteristicsaffectearningsastheorypredicts,thereismuchvariationinearningsthatcannotbeexplainedbythingsthateconomistscanmeasure.Theunexplainedvariationinearningsislargelyattributabletonaturalability,effort,andchance.
∙Someeconomistshavesuggestedthatmoreeducatedworkersearnhigherwagesnotbecauseeducationraisesproductivitybutbecauseworkerswithhighnaturalabilityuseeducationasawaytosignaltheirhighabilitytoemployers.Ifthissignalingtheorywerecorrect,thenincreasingtheeducationalattainmentofallworkerswouldnotraisetheoveralllevelofwages.
∙Wagesaresometimespushedabovethelevelthatbringssupplyanddemandintobalance.Threereasonsforabove-equilibriumwagesareminimum-wagelaws,unions,andefficiencywages.
∙Somedifferencesinearningsareattributabletodiscriminationonthebasisofrace,sex,orotherfactors.Measuringtheamountofdiscriminationisdifficult,however,becauseonemustcorrectfordifferencesinhumancapitalandjobcharacteristics.
∙Competitivemarketstendtolimittheimpactofdiscriminationonwages.Ifthewagesofagroupofworkersarelowerthanthoseofanothergroupforreasonsnotrelatedtomarginalproductivity,thennondiscriminatoryfirmswillbemoreprofitablethandiscriminatoryfirms.Profit-maximizingbehavior,therefore,canreducediscriminatorywagedifferentials.Discriminationpersistsincompetitivemarkets,however,ifcustomersarewillingtopaymoretodiscriminatoryfirmsorifthegovernmentpasseslawsrequiringfirmstodiscriminate.
CHAPTEROUTLINE:
I.SomeDeterminantsofEquilibriumWages
Mostpeople(especiallycollegestudents)havelittleideaaboutthelevelofearningsinthelaborforceandabouttheextentofincomedifferences.Thegeneralimpressionisthatearningsarehigherthantheyactuallyare.Thus,theactualdifferencesinearningsamongthepopulationareatopicthatmoststudentswillfindinteresting.
A.CompensatingDifferentials
1.Definitionofcompensatingdifferential:
adifferenceinwagesthatarisestooffsetthenonmonetarycharacteristicsofdifferentjobs.
2.Jobsthatareeasy,fun,orsafewillpaylowerwagesthanjobsthataredifficult,dull,ordangerous.
Anobviousexampleofacompensatingwagedifferentialisworkthatentailsdangerandpotentialpersonalinjury.Awagepremiumispaidtocompensateworkersforexposingthemselvestorisk.Examplesincludeworkersinhigh-riseconstructionorelectricallinemen.
B.HumanCapital
1.Definitionofhumancapital:
theaccumulationofinvestmentsinpeople,suchaseducationandon-the-jobtraining.
2.Workerswithmorehumancapitalearnmoreonaveragethanthosewithlesshumancapital.
3.Firmsarewillingtopaymoreforhighlyeducatedworkersbecausehighlyeducatedworkershavehighermarginalproducts.
4.CaseStudy:
TheIncreasingValueofSkills
a.Table1comparestheaverageearningsofcollegegraduateswiththeaverageearningsofhighschoolgraduateswithnoadditionaleducation.
Table1
b.Wecanseethattherehasbeenanincreaseinthisdifferenceovertime.
c.Onepossiblereasonthatthishasoccurredisthatinternationaltradehaschangedtherelativedemandforskilledandunskilledlabor.
d.Anotherpossiblereasonisthatchangesintechnologyhavechangedtherelativedemandforskilledandunskilledworkers.
5.IntheNews:
HigherEducationasanInvestment
a.Inlightofincreasingcostsofattendingcollege,somepeoplequestionthereturnstocollegeattendancerelativetootherinvestments.
b.ThisarticlefromTheHamiltonProjectatTheBrookingInstitutionconfirmsthevalueofattendingcollege.
C.Ability,Effort,andChance
1.Becauseofheredityandupbringing,peopledifferintheirphysicalandmentalattributes.Thiswillaffecttheirproductivitylevelandthereforetheirwage.
2.Peoplealsodifferintheirlevelofeffort.Thosewhoworkhardaremoreproductiveandearnahigherwage.
3.Chancealsoplaysaroleindeterminingwages.
4.CaseStudy:
TheBenefitsofBeauty
a.DanielHamermeshandJeffBiddleuseddatafromsurveysconductedintheUnitedStatesandCanadatotrytodeterminehowwagesareaffectedbyphysicalappearance.
b.Theyfoundthatpeoplewhoareconsideredtobemoreattractivethanaverageearned5%morethanpeopleofaveragelooks.Peopleofaveragelooksearn5%to10%morethanpeopleconsideredtobelessattractivethanaverage.
c.Onepossiblereasonforthisisthatgoodlooksareimportantforworkerswhohaveclosedealingswiththepublic.
d.Anotherpossiblereasonisthatapersonwhoissuccessfulinmakinghimorherselfattractivemaybeequallysuccessfulinothertasks.
e.Athirdpossiblereasonforthisdifferenceinthewagesisdiscrimination.
D.AnAlternativeViewofEducation:
Signaling
1.Someeconomistshavesuggestedthatfirmsmayuseeducationasawaytosorthigh-abilityworkersfromlow-abilityworkers.
2.Thisimpliesthatwhenpeopleearnacollegedegree,theydonotbecomemoreproductive,butinsteadsignaltheirhighabilitytoprospectiveemployers.
3.Thisoccursbecauseitiseasierforhigh-abilitypeopletogetcollegedegrees;therefore,morehigh-abilitypeoplegetcollegedegrees.
E.TheSuperstarPhenomenon
1.Superstarsariseinmarketsthathavetwocharacteristics.
a.Everycustomerinthemarketwantstoenjoythegoodsuppliedbythebestproducer.
b.Thegoodisproducedwithatechnologythatmakesitpossibleforthebestproducertosupplyeverycustomeratalowcost.
2.Thisiswhyweseesuperstarsinsomemarkets(entertainment,professionalsports)andnotinothers(plumbing,carpentry).
F.Above-EquilibriumWages:
Minimum-WageLaws,Unions,andEfficiencyWages
1.Forsomeworkers,wagesaresetabovethelevelthatbringssupplyanddemandintobalance.
2.Therearethreereasonswhythismaybethecase.
a.Minimum-wagelawsthatgenerallyapplytotheleastskilledandleastexperiencedworkers.
b.Definitionofunion:
aworkerassociationthatbargainswithemployersoverwagesandworkingconditions.
c.Definitionofstrike:
theorganizedwithdrawaloflaborfromafirmbyaunion.
d.Definitionofefficiencywages:
above-equilibriumwagespaidbyfirmstoincreaseworkerproductivity.
e.Thesehigherwagesoftenreduceworkerturnover,increaseworkereffort,andraisethequalityofworkerswhoapplyforjobsatthefirm.
3.Above-equilibriumwagesraisethequantityoflaborsuppliedandlowerthequantitydemanded,creatingasurplusoflabor.
II.TheEconomicsofDiscrimination
A.Definitionofdiscrimination:
theofferingofdifferentopportunitiestosimilarindividualswhodifferonlybyrace,ethnicgroup,sex,age,orotherpersonalcharacteristics.
B.MeasuringLabor-MarketDiscrimination
1.Table2reportsmedianannualearningsbyraceandgenderfor2011.
a.Themedianblackmanwaspaid21%lessthanthemedianwhiteman.
b.Themedianblackwomanwaspaid11%lessthanthemedianwhitewoman.
c.Themedianwhitewomanwaspaid25%lessthanthemedianwhiteman.
d.Themedianblackwomanwaspaid15%lessthanthemedianblackman.
Table2
2.However,itisdifficulttodeterminehowmuchofthedifferentialinwagesacrossdifferentgroupscanbeattributedtodiscrimination.
a.Forexample,thequantityofeducationoftendiffersbetweenblacksandwhites.
b.Itisalsolikelythatthequalityofeducationmaydifferaswell.
c.Womengenerallyhavelesslabormarketexperiencethanmen.
d.Itmayalsobetruethatwomentakemorepleasantjobsthanmen,leadingtoacompensatingwagedifferential.
3.Becausethedifferencesinmedianearningsamon
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