Thursday, August 5, 2010 \PM\.\Thu\.
Take the wages of every male employed in the U.S. and divide by the number of men employed. Now do the same for females in the U.S. Perform these calculations, and what you will find is that the average female wage in the United States is about 78% of the average male wage. This doesn’t mean, of course, that a woman will get paid seventy eight cent for every dollar paid to a man for the same job, though it’s often phrased that way in popular discourse. If it were really true that an employer could get a woman to do the same job at the same level for 78% of the wages, some entrepreneur would long ago have started hiring only women and cleaned his competitors’ clocks. Rather, the difference is largely due to different career choices made by men as opposed to women. Men, for example, tend to work more in risky professions, and tend to work longer hours, whereas women are more likely to cease being employed for extended periods of time in order to raise or have kids (for details, see Warren Farrell’s book Why Men Earn More).
For decades liberal denial of this fact has led to some remarkably silly policy proposals, such as that the government should determine how much every job is *really* worth and force employers to pay accordingly. An article by David Leonhardt this week in the New York Times, however, indicates that progressives may be ever so slowly to accept reality on the point. Writes Leonhardt:
A recent study of business school graduates from the University of Chicago found that in the early years after graduating, men and women had “nearly identical labor incomes and weekly hours worked.” Men and women also paid a similar career price for taking off or working part time. Women, however, were vastly more likely to do so.
As a result, 15 years after graduation, the men were making about 75 percent more than the women. The study — done by Marianne Bertrand, Claudia Goldin and Lawrence Katz — did find one subgroup of women whose careers resembled those of men: women who had no children and never took time off.
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Friday, January 9, 2009 \PM\.\Fri\.
We all know that there is a global economic crisis and no one can predict how it will play out. Will it be short or will the world seek deeper and deeper into a global economic depression? These questions cannot be answered by any man or woman on earth. Many have lost all hope? We should remember that all economic systems are man made and thus imperfect. During the dot com boom of the late 90’s economists were stating that we had conquered the economic cycle and entered an age of unstoppable economic growth. When that flopped, they looked to housing and real estate. It never goes down, right? Any person who had studied property prices knew that to be incorrect, nevertheless, many fell for the lie. But how many people believe the words of Christ? Seems to me that these economic times call for heeding the words of Christ in Matthew 6: 25-33:
“Therefore I tell you, do not worry about your life, what you will eat (or drink), or about your body, what you will wear. Is not life more than food and the body more than clothing? Look at the birds in the sky; they do not sow or reap, they gather nothing into barns, yet your heavenly Father feeds them. Are not you more important than they?Can any of you by worrying add a single moment to your life-span? Why are you anxious about clothes? Learn from the way the wild flowers grow. They do not work or spin. But I tell you that not even Solomon in all his splendor was clothed like one of them. If God so clothes the grass of the field, which grows today and is thrown into the oven tomorrow, will he not much more provide for you, O you of little faith? So do not worry and say, ‘What are we to eat?’ or ‘What are we to drink?’ or ‘What are we to wear?’ All these things the pagans seek. Your heavenly Father knows that you need them all. But seek first the kingdom (of God) and his righteousness, and all these things will be given you besides.”
Of course, there is some good news that has come out of the financial turmoil and scandal:
“Madoff fallout drains funding of abortion advocacy groups”