Once you control for occupation, education and experience, there is still a pay gap. Not as big. But still there.
Labor Force Participation Rates may be starting to recover, job gains are ok, and blue collar wages are growing faster.
It’ll be interesting to see what happens. They’re talking about a bigger jump in the minimum wage in a more confined area than usual.
This is an issue that comes up in other areas of economics, such as environmental economics, as well. For example, how much should society pay to reduce pollution? If we look at the cost in terms of live-years saved per dollar, there has to be some point at which we should draw the line. If you don’t think so, ask yourself if we should shell out $1 billion (about the same as the increase in school aid in the NY State budget this year) to extend one person’s life for an extra year? How about $1 trillion? We have to draw a line somewhere, and exactly where is the tricky part. Of course the other question here is how to foster innovation. The intersection is tricky, because health care is different from automobiles. People don’t need to buy a Tesla to live, but they might need to buy some health services: the question of exit from the market, as economists would put it is very different for automobiles and health. To say the least.