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You’re Paid What You’re Worth: And Other Myths of the Modern Economy Hardcover – February 16, 2021
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A myth-busting book challenges the idea that we’re paid according to objective criteria and places power and social conflict at the heart of economic analysis.
Your pay depends on your productivity and occupation. If you earn roughly the same as others in your job, with the precise level determined by your performance, then you’re paid market value. And who can question something as objective and impersonal as the market? That, at least, is how many of us tend to think. But according to Jake Rosenfeld, we need to think again.
Job performance and occupational characteristics do play a role in determining pay, but judgments of productivity and value are also highly subjective. What makes a lawyer more valuable than a teacher? How do you measure the output of a police officer, a professor, or a reporter? Why, in the past few decades, did CEOs suddenly become hundreds of times more valuable than their employees? The answers lie not in objective criteria but in battles over interests and ideals. In this contest four dynamics are paramount: power, inertia, mimicry, and demands for equity. Power struggles legitimize pay for particular jobs, and organizational inertia makes that pay seem natural. Mimicry encourages employers to do what peers are doing. And workers are on the lookout for practices that seem unfair. Rosenfeld shows us how these dynamics play out in real-world settings, drawing on cutting-edge economics, original survey data, and a journalistic eye for compelling stories and revealing details.
At a time when unions and bargaining power are declining and inequality is rising, You’re Paid What You’re Worth is a crucial resource for understanding that most basic of social questions: Who gets what and why?
"A flat-out revelation of a book by one of the nation's top scholars of the labor market, You're Paid What You're Worth is required reading for anyone who cares about the future of work in America. With concise prose informed by history and cutting-edge research, Rosenfeld dispels one myth after another about how the modern economy works and champions thoughtful solutions for how American prosperity can once more lead to broad social uplift." - Matthew Desmond, author of Evicted: Poverty and Profit in the American City
"The growth in earnings inequality requires us to understand what determines pay in the economy. Jake Rosenfeld's book provides nuanced and bold insight into the question of 'who gets what and why?' He challenges widely held assumptions and approaches in this area by probing the impact of fairness norms, organizational inertia and mimicry, and most importantly power in determining pay. In so doing, he provides novel and provocative perspectives on policies to address this pressing problem." - David Weil, Dean, The Heller School for Social Policy and Management, Brandeis University
"Jake Rosenfeld pulls back the curtain on the multifaceted cultural, institutional, and market forces at play in wage-setting. This timely book illuminates the power dynamics and often arbitrary forces that have contributed to the egregious inequality in the US labor market - and then lays out a clear blueprint for progressive change." - Thea Lee, President, Economic Policy Institute
"You're Paid What You're Worth is a lively and rigorous study that will change debates over labor markets. Rosenfeld's original research serves as a very important rejoinder to old ideas in economics and to conventional wisdom in the mass public." - Alexander Hertel-Fernandez, Columbia University
About the Author
- Publisher : Belknap Press: An Imprint of Harvard University Press (February 16, 2021)
- Language : English
- Hardcover : 384 pages
- ISBN-10 : 067491659X
- ISBN-13 : 978-0674916593
- Item Weight : 1.19 pounds
- Dimensions : 5 x 0.5 x 8 inches
- Best Sellers Rank: #809,046 in Books (See Top 100 in Books)
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He examines the wage gap, not only between CEO's and their workers, but also within the same industries, and the secrecy of salaries that was and is encouraged within organizations. Power struggles, organizational inertia, and a myriad of unfair practices serve to keep many workers struggling to make ends meet or at best stuck with little chances for economic improvement.
It's a book for our time, and gives us a better understanding of the issues that confront us every day, politically, socially, and individually.