SOC-S 101 Lecture Notes - Lecture 1: Economic Rent, Market Failure, Gender Pay Gap
Document Summary
Income of the country is the combined salaries of the nation. The income of the nation minus their respective debts. On some level inequality is unavoidable as people with more important skills will always be paid more because that is their motivation to work harder and spend extra years (e. g. Doctor & lawyers) acquiring those pivotl skills to society. Essentially there would be no incentive to work above and beyond which would slow down the country"s growth specifically economic. Their is a functional aspect of inequality. Money buys influence the world is focussed on the rich, just by being a billionaire you already have a strong voice and can manipulate many financially inferior citizens. Lack of social mobility - economic standing of your family has a massive impact on your own capacity to excel in life. Rent : wages or returns in excess of what a fully competitive market would pay. Wage premiums that accrue to certification, licensing.
