Wage - Determinants of Wage Rates

Determinants of Wage Rates

Depending on the structure and traditions of different economies around the world, wage rates will be influenced by market forces (supply and demand), legislation, and tradition. Market forces are perhaps more dominant in the United States, while tradition, social structure and seniority, perhaps play a greater role in Japan.

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Determinants of Wage Rates - Wage Discrimination
... Even in countries where market forces primarily set wage rates, studies show that there are still differences in remuneration for work based on sex and race. 2007 women of all races made approximately 80% of the median wage of their male counterparts ... Similarly, white men made about 84% the wage of Asian men, and black men 64% ...

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