3min chapter

Think Like An Economist cover image

S E43: Why wages vary - Why some of us get paid more than others

Think Like An Economist

CHAPTER

Compensating Differentials Lead to Lower Wages

The higher wageis a reflection of how the market views a job's attributes. Your opportunities are shaped by the choices of others. You want to think about your tastes relative to the tastes of other people. Try to find a job where either you enjoy it a lot more than other people, or you dislike the bad espics less than others do. The fact that other people don't want to do means less supply of labor. So in this way, having unique preferences can be a real asset for you in the labor market.

00:00

Get the Snipd
podcast app

Unlock the knowledge in podcasts with the podcast player of the future.
App store bannerPlay store banner

AI-powered
podcast player

Listen to all your favourite podcasts with AI-powered features

Discover
highlights

Listen to the best highlights from the podcasts you love and dive into the full episode

Save any
moment

Hear something you like? Tap your headphones to save it with AI-generated key takeaways

Share
& Export

Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more

AI-powered
podcast player

Listen to all your favourite podcasts with AI-powered features

Discover
highlights

Listen to the best highlights from the podcasts you love and dive into the full episode