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Education and Life time wage potential. Chapter 9 Part 2. Human Capital. Human Capital is similar to Physical Capital but there are some Important Differences Nonpecuniary (non-monetary) issues The utility derived from attending School The utility of working in an office vs. outdoors.

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human capital
Human Capital
  • Human Capital is similar to Physical Capital but there are some Important Differences
    • Nonpecuniary (non-monetary) issues
      • The utility derived from attending School
      • The utility of working in an office vs. outdoors
human capital1
Human Capital
  • It is more difficult to finance human capital than it is to finance physical capital
    • Why?
slide21

All Females Employment Distribution According To Education Level

80.00%

70.00%

60.00%

50.00%

Percent

40.00%

30.00%

<HS

HS

20.00%

<CL

CL

10.00%

0.00%

MGT/PRO

<HS

HS

SERVICE

TEC/SAL/ADM

Education Level

<CL

PRE/PROD

OP/FAB

Job Type

CL

F/F/F

conclusions
Conclusions
  • As compared to the 1970’s, at the end of the XX Century, American women have achieved parity in education attainments
  • A white male college graduate is more likely to achieve managerial or professional status than the black male counterpart
conclusions continuation
Conclusions (continuation)
  • A black male with less than a high school degree is more likely to be an operator or fabricator than the white male counterpart
  • A white male with a high school degree is nearly twice as likely to be in managerial or professional status than the black counterpart
conclusions continuation1
Conclusions (continuation)
  • A white female with a high school degree is more likely to be in a technical/sales/administrative job than the black female counterpart.
  • Black female college graduate is about as likely as her white counterpart to be in a managerial or professional job
income
Income
  • Thus it appears that gender, race and education have an impact on the type of jobs and that has an impact on the wages
  • Recall from an earlier handout the following table
slide30

HOUSEHOLD DATA HOUSEHOLD DATA

ANNUAL AVERAGES ANNUAL AVERAGES

39. Median weekly earnings of full-time wage and salary workers by detailed occupation and sex

(Numbers in thousands)

2005

Both sexes Men Women

Occupation

Number Median Number Median Number Median

of weekly of weekly of weekly

workers earnings workers earnings workers earnings

Total, 16 years and over............................................... 103,560 $651 58,406 $722 45,154 $585

Management, professional, and related occupations...................... 36,908 937 18,311 1,113 18,597 813

Management, business, and financial operations occupations... ..... 14,977 997 8,195 1,167 6,782 847

Professional and related occupations.......................... .... 21,931 902 10,116 1,058 11,815 792

Service occupations............................................... .... 14,123 413 7,024 478 7,099 379

Sales and office occupations....................................... ... 25,193 575 9,539 690 15,654 520

Sales and related occupations...................................... 10,031 622 5,582 762 4,449 483

Office and administrative support occupations...................... 15,161 550 3,957 605 11,205 533

Natural resources, construction, and maintenance occupations........... 12,086 623 11,569 628 517 486

Farming, fishing, and forestry occupations......................... 755 372 601 388 154 327

Construction and extraction occupations............................ 6,826 604 6,663 606 163 480

Installation, maintenance, and repair occupations.................. 4,504 705 4,305 706 199 691

Production, transportation, and material moving occupations............ 15,251 540 11,963 591 3,288 420

Production occupations.......................................... .. 8,403 538 5,991 608 2,412 423

Transportation and material moving occupations................... . 6,848 543 5,972 574 876 412

marital status
Marital Status
  • Since financing Human Capital is so expensive and uncertain
  • The marital status of the individual may have some barring on the investment
women have not always faired as well
Women Have not Always faired as well
  • Early in the XX Century women were not even allowed to obtain Professional degrees
  • Very few went beyond high school
but what is the degree for
But What is The Degree for?
  • Are women selecting specific fields or are they searching for all fields
  • Is there any fields that they avoid and what are the requirements
relating education and wages
Relating Education and Wages
  • The Following Data Show the relation between Education and wages