Wednesday, May 03, 2006

Quiz for Economists

What's wrong with this?

"A full-time stay-at-home mother would earn $134,121 a year if paid for all her work ... A mother who works outside the home would earn an extra $85,876 annually on top of her actual wages for the work she does at home ... To reach the projected pay figures, the survey calculated the earning power of the 10 jobs respondents said most closely comprise a mother's role — housekeeper, day-care teacher, cook, computer operator, laundry machine operator, janitor, facilities manager, van driver, chief executive and psychologist. "

Hint: Imagine that there was a labor market for the job of "full-time mom" what do we think the wage would be?

i'm not actually sure how they calculated that base salary and overtime compensation at the end of the article. but what outside-the-home job would allow you to work 24/7. also, a firm would have you pay you pretty substantial overtime wages once you start working for the hours that stay-at-home moms work.
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