TAILIEUCHUNG - Ebook Economic (4th edition): Part 2
(BQ) Part 2 book "Economic" has contents: Microeconomics and public policy, factor markets and risk, introduction to macroeconomics, long run economic growth, short run economic fluctuations, stabilization policy, events and ideas, the open economy. | Find more at Factor Markets and the Distribution of Income CHAPTER 19 THE VALUE OF A DEGREE s What You Will Learn in This Chapter of production— • How factors land, labor, resources like physical capital and human capital—are traded in factor markets, determining the factor distribution of income factors • Howtothe demand forproductivity leads the marginal theory of income distribution sources of wage • About theand the role of disparities discrimination allocation Monika Graff/The Image Works How labor supply arises from • worker’s decision about time a If you have doubts about completing college, consider this: not getting a college degree will cost you about half a million dollars over your lifetime. D OES HIGHER EDUCATION pay? Yes, it does: in the modern economy, employers are willing to pay a premium for workers with more education. And the size of that premium has increased a lot over the last few decades. In 2013, Americans with four-year college degrees made 98% more per hour on average than those without a degree. That percentage is up from 89% in 2008, 85% in 2003, and 64% in the early 1980s. In fact, according to David Autor, a professor of economics at MIT, the true cost of a college degree is approximately negative $500,000. That is, a college degree is cheaper than free. In other words, not getting a college degree will cost you about half a million dollars over your lifetime. That’s roughly double what the negative cost was 30 years ago. And because having a bachelor’s degree is so valuable, more Americans than ever are getting one: in 2013, of those aged 25 to 29 had at least a bachelor’s degree, compared to in 1995. Who decided that the wages of workers with a four-year college degree would be so much more than for workers without one? The answer, of course, is that nobody decided it. Wage rates are prices, the prices of different kinds of labor; and they are decided, like other prices, by supply .
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