This document discusses reasons for wage differentials between similar jobs and workers. It explores factors like education, skills, experience, job characteristics, firm size, geographic location, and discrimination that can influence wages. Specific data is presented on average wages by occupation from 2007, highest paid CEOs in 2005, and hourly earnings by occupational group from 2006 to illustrate wage differences. Human capital theory is discussed as well as compensating differentials, prospects for wage growth, and costs of job search, monitoring and mobility.
Measures of Dispersion and Variability: Range, QD, AD and SD
Family4 Wages
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3. Highest Paid CEOs, 2005 Name Company Total Pay (millions) Richard Fairbank Capital One Financial $249.4 Terry Semel Yahoo 230.6 Henry Silverman Cendant 140.0 Bruce Karatz KB Home 135.5 Richard Fuld, Jr. Lehman Brothers 122.7 Ray Irani Occidental Petroleum 80.7 Lawrence Ellison Oracle 75.3 John Thompson Symantec 71.8 Edwin Crawford Caremark Rx 69.7 Angelo Mozilo Countrywide Financial 69.0
4. Hourly Earnings By Occupation, 2006 Occupational Group Hourly Wage Management, Business, And Financial $29.09 Installation, Maintenance, And Repair 18.68 Sales Workers 17.12 Office and Administrative Support 14.83 Service Workers 11.84 Farming, Fishing, And Forestry 9.85
![Work, Wages Wage Differentials ,[object Object],[object Object]](https://image.slidesharecdn.com/family4wages-090831184843-phpapp01/85/Family4-Wages-1-320.jpg)
![[object Object],Dentists Lawyers Petroleum Engineers Financial Managers Economists Computer programmers Registered Nurses Police Officers Elem. School Teachers Social workers Barbers, hairdressers Construction workers Cashiers Fast Food Cooks $147,000 118,000 114,000 106,000 86,700 72,000 62,480 50,670 50,000 47,000 26,000 33,800 18,400 17,000 Source: Bureau of Labor Statistics, 2007 Occupation Annual Average Wages](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)