Economic Facts and Fallacies
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Read between April 9 - April 26, 2023
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Mothers as a group tend to fall furthest behind men in income, as competing domestic responsibilities reduce the ability of women with babies and small children to be able to maintain continuous, full-time employment in the workforce.
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In the arts and sciences, forty is the mean age at which peak accomplishment occurs, preceded by years of intense effort mastering the discipline in question. These are precisely the years during which most women must bear children if they are to bear them at all.3
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It has been estimated that a physicist loses half the value of his or her knowledge in four years, while a professor of English would take more than a quarter of a century
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A number of studies have shown that women are far less likely than men to choose occupations that require very long hours.
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The most important reason why women earn less than men is not that they are paid less for doing the very same work but that they are distributed differently among jobs and have fewer hours and less continuity in the labor force.
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“Surveys suggest that women make perhaps 80% of consumers’ buying decisions—from health care and homes to furniture and food.”
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The median age of black Americans is five years younger than the median age (35) of the American
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Among Asian Americans, the median age ranges from 43 for Japanese Americans to 24 for Americans of Cambodian ancestry to 16 for those of Hmong ancestry.
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Incomes are highly correlated with age, with young people usually beginning their working lives earning much less than older and more experienced workers. Therefore gross comparisons of incomes among racial or ethnic groups can be misleading when the median ages of groups can differ by a decade or even a quarter of a century.
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Income differences between the Chinese and Malay populations of Malaysia, for example, have long been greater than income differences between blacks and whites in the United States.
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In Malaysia, for example, the Malay majority averaged less than half the income of the Chinese minority throughout the last quarter of the twentieth century, even though the Chinese were in no position to discriminate against the Malays, and in fact there were widespread government programs giving preferential treatment to Malays.
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If, for example, one omits Asian Americans when comparing blacks and whites, one can miss the fact that the same reasoning which would lead to the conclusion that blacks are discriminated against would lead to the conclusion that whites are discriminated against
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There are some extremely rich Saudis as a result but, for the country as a whole, its real income per capita is approximately half that of Singapore, which has virtually no natural resources, except for its harbor, and even has to import its drinking water from Malaysia.
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The Third World is full of peddlers who remain peddlers all their lives. But, in the United States, it was peddlers who began such enterprises as Macy’s, Bloomingdale’s, and Levi