Questions tagged [wages]

The remuneration/ price of labor, analogue to profits and rents.

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1answer
74 views

Do Hong Kong highschool teachers earn more than Hong Kong quants?

According to Teach in Hong Kong, Hong Kong highschool teachers earn around HK\$23,530 to HK\$54,665 (approximately \$3,000-\$7,000 USD) per month while CUHK's Quantitative Finance Graduates Face ...
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0answers
141 views

Is the Austrian wage system bad for its economy?

In Austria, the law is forcing employers to pay 14 wages instead of the usual 12 (one per month) per year for almost every employee. More specifically, employees get a 13th payment around July called "...
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2answers
234 views

Who really benefits from economic growth?

In recent social protests, I have heard the claim that the economic growth benefits only the rich: they become richer while most people become poorer. To check whether this claim is realistic, I ...
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1answer
72 views

How does Ricardo justify this math?

In Ch 5, Of Wages, Ricardo tosses this gem: if the labour of ten men will, on land of a certain quality, obtain 180 quarters of wheat, and its value be £4 per quarter, or £720; and if the labour of ...
5
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2answers
120 views

How come the average studio rent in Vietnam is bigger than the average salary?

A studio in Ho Chi Minh city center : roughly 500 USD/month Average salary in Vietnam : 300 USD/month I have noticed the same thing in other "poor" countries : a studio rent is so expensive compared ...
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6answers
10k views

Why do celebrities get high wages?

In the youtube video Why We Look down on Low Wage Earners the author argued: "economics states that wages are determined [...] by the number of people willing and being able to do a given job that ...
2
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2answers
146 views

Has income inequality ever been solved in societies in the past in terms of what people make to cost of living? [closed]

One thing I've seen many on here whether life style is increasing or poor's wealth is, income inequality in terms of things like food, water, healthcare keep going up, but wages aren't keeping up. ...
18
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5answers
2k views

Why are real median household incomes stagnant?

This image shows US real median household income. It seems remarkable for its lack of growth over the last 20 years. This has been the subject of much political debate (around the "1%" and "occupy ...
1
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1answer
71 views

RDD, wages, and day of birth

What I am doing: I use the regression discontinuity design (henceforth RDD) to study differences in wages received by people born at the end of the year and by those people born at the beginning of ...
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3answers
230 views

Why do rich countries remain rich?

I can think of two possible explanations: People there inherited the wealth of their ancestors (and of the companies of their generation). Advances in technology allows you to earn money more easily. ...
5
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1answer
192 views

Minimum wage vs wage subsdies

Many politicians argue that the minimum wage is essential for providing an sufficient standard of living to all. However, there are many issues binding price floors predicted by standard supply and ...
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2answers
106 views

Does the H-1B visa program have the effect of reducing wages in the U.S

In either the short or long term, does the H-1B visa program have the effect of reducing wages in the U.S. for U.S. citizens?
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1answer
301 views

Adverse selection in competitive markets- labor market

I'm referring to the Figure 13.B.1 titled 'A competitive equilibrium with adverse selection' from 'Microeconomics Theory' by Mas Colel et al. It basically graphs the expected value of the workers' ...
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0answers
40 views

Is there a (mostly) objective study regarding minimum wage and job growth?

I think over the course of the past couple years the topic of wealth-inequality and living wages has become increasingly commonplace, and really one of the most debated topics (among us casuals at ...
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0answers
66 views

Professors Salary vs Alumni Earning: is the relation causal?

Elyase İskender posted in his blog an interesting plot correlating Professors Salary and Alumni Earnings Relation in US Universities. Is there a good way to establish causality here? Did the highest ...
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3answers
312 views

Causes of income inequality in the US

I read an article in BusinessWeek that talked about income inequality in the US. The article attributed the difference to the Intel chip that came in 1971. Since that time big hi-tech companies have ...
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1answer
449 views

Wage regressions: Nominal versus real wage

I'm wondering do I need to convert nominal wages to real wages when running wage equations using panel data sets? My dependent variable is log of wage and I'm looking at returns to education across ...
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3answers
644 views

In the US, do high wages in regions like New York and California offset the high cost of living?

It's well understood that the cost of living in New York City vastly exceeds the cost of living in, say, rural Louisiana. It is also well understood that wages in New York City vastly exceed those in ...
5
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1answer
2k views

why is real wage divided by marginal product of labor often called real marginal cost?

As said in the title, why is real wage divided by marginal product of labor often called real marginal cost? In mathematical formula, $mc_t = (W_t/P_t)/MPN_t$ where $MPN_t$ refers to marginal product ...
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1answer
26 views

Guvenen et al: Earnings

Guvenen et al look at earnings shocks over time, and try to argue whether these are compatible with standard career-ladder models with normal shocks. However, their data is no real shocks, it is time ...
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5answers
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Econometrics: Is elasticity meaningful in my, or any, regression?

A few months ago I interned at this organization; and, as a going away present, I decided to spend my last week, with whatever off time I had, to investigate the factors that affect teacher salaries. ...