You're Paid What You're Worth: And Other Myths of the Modern Economy

You're Paid What You're Worth: And Other Myths of the Modern Economy

by Jake Rosenfeld

Hardcover

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Overview

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?

Product Details

ISBN-13: 9780674916593
Publisher: Harvard
Publication date: 02/16/2021
Pages: 384
Sales rank: 536,890
Product dimensions: 5.90(w) x 8.30(h) x 1.30(d)

About the Author

Jake Rosenfeld is Professor of Sociology at Washington University in St. Louis, where he specializes in the political and economic causes of inequality in advanced democracies. He is author of What Unions No Longer Do and writes for the New York Times, Politico, and the Los Angeles Times, among other outlets.

Table of Contents

Part I Questions About Pay

1 What Does Determine Our Pay? 3

2 What Do We Think Determines Our Pay? 26

Part II Paying For Performance?

3 Employers Against the Free Market 57

4 Mismeasuring Performance and the Pitfalls of Paying for Merit 87

5 The Bosses' Boss 115

Part III Paying For The Job?

6 When Good Jobs Go Bad 147

7 Bad Jobs Can Be Good 185

Part IV Toward A Fairer Wage

8 Rethinking Inequality 221

9 Toward a Fairer Wage 243

Epilogue:What Foot Soldiers Deserve 268

Notes 273

Acknowledgments 337

Index 341

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