SOC227H5 Lecture Notes - Lecture 5: Toronto Star, Deindustrialization, Standard Deviation
Document Summary
States that the state of the current economy is not working. Jobs are not offered, unions are weak, and the economy as a whole is weakening. The fundamental issue it addresses is inequality. Labor market: consists of people who either have jobs or are looking for jobs. Job market: consists of the slots in which employers need people to fill: jobs consist not only of occupation, but wages, prestige, other benefits. Wages: what one earns financially for a unit of time. Earnings: what one earns from their job for the year. Income: what one earns from any source for the year. On one end, there are prestigious jobs with high wages, prestige, status, benefits. On the other end, there are low-end jobs with low security, pay, prestige, prospects. Horizontal axis: job quality, from very good to very bad jobs. Vertical axis: frequency of the number of these jobs.
