Wage Determinant Paper - 724 Words

Randy Smith Professor Baer Microeconomics 102 30 April 2012 Education and Earnings Among Men and Women Everyone out there in this world would always like to make more money or think they are getting underpaid. From the grunts in the labor line to the stars of the NBA, people are always going to feel they deserve more than what they are getting paid. Growing up and making ways through grade school into high school everyone has told students that education is the key to making more and more money throughout their careers. Not only do women have lower real earnings than men but people with lower education also have lower real earnings than others with the higher education. There is a strong positive relationship between he amount of†¦show more content†¦Men with college degrees have risen by one-fifth from $908 to $1,089 (TED: The Editors Desk). The wage difference between men and women will most likely still be there for years to come but the gap between them will continue to become closer as time goes on. The investment a company puts into a worker can help protect their high wages because of the specific skill they possess at their individual job. Some people develop a special skill performing their job year to year to where it would be too much of an inconvenience and expensive to higher and then train that new employee to perform at the same ability of the employee they are replacing. There are few people out there that can develop a specialized skill like â€Å"heart surgeons, trial lawyers, engineers, business entrepreneurs, and many other specialized workers is limited in occupations in which specific skills, knowledge, and human capital investments contribute to job performance.† (287). People with specialized careers don’t have to worry about being paid less for the same work because their work comes with such rarity. In conclusion, women are getting paid less than men for performing or specializing in the same work. College education helps both men and women earn higher wages at any position compared to others who only have a high school education. 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