The Economics of Discrimination (Economic Research Studies) Review

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The Economics of Discrimination (Economic Research Studies) ReviewGary Becker turned his thesis paper into one of the classic works on discrimination. Becker demonstrated conclusively why irrational discrimination (or the overt act derived from the intent of racism, sexism, etc.) is difficult to maintain in a truly competitive economy. Competitors, seeking advantage, will hire victims of discrimination. Their labor costs will be lower. All else being equal, financial captial will flow to companies with lower labor costs, providing them with further competitive advantage. Eventually the price of labor for victims of discrimination will be "bid up" to the point where the marginal revenues from labor will equal the marginal cost of labor, at which point their average wages will reflect little, if any, loss of income from discrimination.The Economics of Discrimination (Economic Research Studies) OverviewThis second edition of Gary S. Becker's The Economics of Discrimination has been expanded to include three further discussions of the problem and an entirely new introduction which considers the contributions made by others in recent years and some of the more important problems remaining.Mr. Becker's work confronts the economic effects of discrimination in the market place because of race, religion, sex, color, social class, personality, or other non-pecuniary considerations. He demonstrates that discrimination in the market place by any group reduces their own real incomes as well as those of the minority.The original edition of The Economics of Discrimination was warmly received by economists, sociologists, and psychologists alike for focusing the discerning eye of economic analysis upon a vital social problem—discrimination in the market place."This is an unusual book; not only is it filled with ingenious theorizing but the implications of the theory are boldly confronted with facts. . . . The intimate relation of the theory and observation has resulted in a book of great vitality on a subject whose interest and importance are obvious."—M.W. Reder, American Economic Review"The author's solution to the problem of measuring the motive behind actual discrimination is something of a tour de force. . . . Sociologists in the field of race relations will wish to read this book."—Karl Schuessler, American Sociological Review

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