EC120 Lecture Notes - Lecture 15: Perfect Competition, International Trade, Natural Monopoly
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EC120 Full Course Notes
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Document Summary
Critical to the valuation of human life. The more people that want to work there, the less you will be paid. Part compensation from access to team, prestige. Use of unpaid internships or low-paid work. Econ degrees make more money than people with a business degree because no one wants to be an economist. Education wage premium increasing in the us. Reduces prices for those goods in the us. Reduces demand for low-skilled labour in the us. Changes in wage premiums are smaller in canada. Technological change in cdn. industry slightly slower. Human capital is the accumulation of investments in people from education, on-the-job training and experience. People are more productive by going to school. Competitive firms pay for additional human capital. Limited incentive to pay for general skills training. Wages increase as worker could go elsewhere. Workers have little incentive to pay for this. Econ degrees makes more money that business degree because econ degrees make them more productive.
