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"american journal sociology" Discussed on Money For the Rest of Us

Money For the Rest of Us

05:43 min | 1 year ago

"american journal sociology" Discussed on Money For the Rest of Us

"Walk on the money for the rest of us. This is a personal finance show on my knee. How it works? How to invest it? And how to live without worrying about it. I'm your host, David Stein. Today's episode to thirty one it's titled what determines how much you make. Pro Nye had been in Mexico into loom for the past week or staying at a twenty eight room boutique, hotel, just steps from the beach. And there is a gentleman who I've met had a number of conversations with his name is he is the security guard on the beach, essentially guarding these seven buildings twenty rooms just making sure I'm not actually sure what he's protecting us against certainly at night. Perhaps it makes sense. But during the day, it just doesn't really make any sense. But that's what he does. And I talked to him about his job asked him. Do you like it? He says more or less. I I could tell he's bored. He works twelve hour shifts. It's two males the two meals. A day has partnered to break thirty minutes breaks. They give them some food. And then every eight days, he's switch. From the day to the night shift during the time when they transition from day to night they worked twenty four straight hours. He typically works two to three months, and then he returns to his home, which is in Chapas Joppa the core. So is the name of the town where he lives now. And they lived in Maryland for a while in the United States working at a hotel but had to return because a family member was sick and wasn't able to get back in. They asked me why does he and other Mexicans make so little money? He is the owner of the hotel keeping all the money. I tried to explain a little bit. What I discussed in episode one forty two on. Why are some nations wealthier than others? We just discussed the impact of productivity of investment technology. But don't bring up some good questions. And I want to kind of revisit some of what it covered that episode. And also look at it from just. Just certain occupations. Why do certain occupations pay more? Why does an engineer make more than a teacher and a teacher more than a security guard? Why do the same occupation pay different in different countries or even within the same city in a given country? Why is it that sometimes an engineer makes way more one company versus another company? I just occupations. What drives the salary for one accusation versus another comes down to some basic economic principles supply and demand professions where there is a reduced supply or less of a supply of workers because there's high barriers of entry in order to get in you need, the appropriate credentials to education. They're going to have less workers. And if there's demand there for that particular service, then all things being equal the pay for that particular occupational will be more. There are a lot of people especially here into loom coming up from shop as willing to work as security guards. You don't need a huge amount of education. Whereas if you wanna be a doctor in this part of Mexico, you're gonna make make more because it takes more skill Kim. Weeden road an article in for the American journal sociologies, it's titled wide, you some occupations paper more than others social closure and earnings inequality in the United States, and she talks about these closure practices. These these barriers essentially generate restrictions on the labor supply and examples are licensing educational credentialing voluntary certificates association representation and union unionization essentially things that keep does supply of workers down. And that that's the primary reason why one ocupation pays less than another occupation. Before we look at another reason, why some jobs pay more than others. Let me pause and share a word from this week sponsor, which is very fittingly linked in this idea that it's difficult to find the right person for a job and most candidates. They're not spending time on job boards. But most linked and members nine ended of tenor. Open to new opportunities with seventy percent of the US workforce unlinked in posting on Lincoln is the best way to get your job opportunity in front of more of the right people people were qualified for your role and ready for something new. It's the best way to find the person who will help you grow your business. Hurry right now. Go to Lincoln dot com slash Dave. And get fifty dollars off your first job post. That's linked in dot com slash David to get fifty dollars off your first job post. Terms and conditions apply. That's

United States David Stein Mexico engineer Chapas Joppa Maryland Kim Pro Nye American journal Lincoln fifty dollars seventy percent thirty minutes three months twelve hour eight days