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This paper discusses the reasons behind the fact that many firms and industries pay their workers more than others, even when those workers occupy similar jobs.
From the Paper:"To understand why wages often differ among employees in similar jobs, one must understand the theory of equalizing differentials. This theory states that in competitive labor markets, workers with similar skills working in similarly attractive jobs and locations should receive similar compensation. Long-run wage differentials are explained by differences in skill and job disamenities with a single wage conditional on worker and job attributes. Despite this, in some firms and industries, workers are paid more than others even for similar jobs. There are a..."
Cite this Term Paper:
Wage Differences (2008, December 01) Retrieved July 05, 2020, from https://www.academon.com/term-paper/wage-differences-127188/
"Wage Differences" 01 December 2008. Web. 05 July. 2020. <https://www.academon.com/term-paper/wage-differences-127188/>