WST17 - individual value is subjective. Quality of labor...

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. 1. Human capital theory-explains wage differences as a result of different worker characteristics. Human capital consists of worker characteristics, such as appearance, education, availability, prior training, experience. This theory assumes neutral open market that rewards everyone equally according to their individual value. Problem:not neutral,
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Unformatted text preview: individual value is subjective. Quality of labor supplied by men and women differ because of characteristics of workers themselves. Higher turnover rate an, interrupted careers(such as maternity leave), and shorter participation in the labor force among women lead to lesser productivity and therefore lower wages....
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