I don't know whether the higher remuneration that Charlize Theron was able to obtain using information revealed by the Sony hack corrects an unfair outcome or makes a fair outcome unfair. But it does show how wages depend on bargaining power and the availability of information -- two factors that are generally ignored in undergraduate courses that discuss wages. (In the utopia described in those courses, the contribution of each worker is easily measured and known to all. And each worker gets paid what they contribute. I teach that material, but -- in my defense -- I do feel guilty about it afterwords.)
Subscribe to:
Post Comments (Atom)
-
Trevor Swan (1918–1989) is an economist hero of mine. Even today's macroeconomists rely on the Solow-Swan model of 1956 to organize t... -
Although I was born in Philadelphia, I spent the first twenty-two years of my life growing up in Calcutta (now Kolkata ), the capital city o...
-
The comedian Stephen Colbert’s speech at the White House Correspondents’ Association dinner, on Saturday, April 29, was easily the high poin...
No comments:
Post a Comment