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Economists believe people should get paid according to the value of their outpu

by | Apr 28, 2022 | Economics

 

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Economists believe people should get paid according to the value of
their output. This is relatively easy to determine when you produce
something physical, such as cupcakes. However, it becomes challenging
to measure if you provide a service (perhaps teaching, or you’re a
doctor treating a medical condition).
Regardless of how you measure the value of the output, the more
productive you are, the more valuable you are in the market to potential
employers. This is why many economists are against the minimum wage
and are for programs that improve an employee’s productivity (such as
education and training). There is a surprising agreement with just how
important education is in minimizing income inequality among
economists.
Given this information, what would you recommend to policymakers to
reduce poverty and income inequality? What do you think about various
school districts having vastly different access to resources around the
state or even the country? Recall, spending more money on education
does have an opportunity cost – be sure to include that in your answer.

 

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