The participation of women in the u.S. Labor force has risen dramatically since 1970. A. How do you think this rise affected gdp?
Answers
Answer:
The increased participation of women in the US work force has had a variety of affects on the economy, including effects that still persist to this day.
a. With more workers entering the workforce, we can generally expect a rise in GDP. Firstly, more workers will simply do more work. This reduces job vacancies and allows firms to operate at higher efficiencies. The increased competition in the labor market additionally lowers (or slows) the price of labor. While this is not necessarily a good thing for workers in direct competition with the new women laborers, this allows for firms to have cheaper inputs in their production and increase their profits. Likewise, more people are simply counted among the workforce and therefore their labor contributions are able to contribute to GDP--a woman working in a factory for 8 hours contributes to GDP, whereas a woman doing childcare and housework in her on home for 10 will not.
More workers in the workplace, even with lower or slower growing wages, likely means that there is more money for consumption. This consumption further drives the economy as people buy more, and new sectors also respond to this shift in home life, such as cleaning services and child care providers. This increase in GDP, consumption, and productivity, as well as a stagnation of wages, can all be seen in US economic indicators since the 1970s. There are certainly a variety of reasons for this, but it is logical to assume that the entrance of women into the labor market has meaningfully contributed to these outcomes.
Explanation:
The increased participation of women in the US work force has had a variety of affects on the economy, including effects that still persist to this day.
The increased participation of women in the US work force has had a variety of affects on the economy, including effects that still persist to this day.a. With more workers entering the workforce, we can generally expect a rise in GDP. Firstly, more workers will simply do more work. This reduces job vacancies and allows firms to operate at higher efficiencies. The increased competition in the labor market additionally lowers (or slows) the price of labor. While this is not necessarily a good thing for workers in direct competition with the new women laborers, this allows for firms to have cheaper inputs in their production and increase their profits. Likewise, more people are simply counted among the workforce and therefore their labor contributions are able to contribute to GDP--a woman working in a factory for 8 hours contributes to GDP, whereas a woman doing childcare and housework in her on home for 10 will not.
The increased participation of women in the US work force has had a variety of affects on the economy, including effects that still persist to this day.a. With more workers entering the workforce, we can generally expect a rise in GDP. Firstly, more workers will simply do more work. This reduces job vacancies and allows firms to operate at higher efficiencies. The increased competition in the labor market additionally lowers (or slows) the price of labor. While this is not necessarily a good thing for workers in direct competition with the new women laborers, this allows for firms to have cheaper inputs in their production and increase their profits. Likewise, more people are simply counted among the workforce and therefore their labor contributions are able to contribute to GDP--a woman working in a factory for 8 hours contributes to GDP, whereas a woman doing childcare and housework in her on home for 10 will not.More workers in the workplace, even with lower or slower growing wages, likely means that there is more money for consumption. This consumption further drives the economy as people buy more, and new sectors also respond to this shift in home life, such as cleaning services and child care providers. This increase in GDP, consumption, and productivity, as well as a stagnation of wages, can all be seen in US economic indicators since the 1970s. There are certainly a variety of reasons for this, but it is logical to assume that the entrance of women into the labor market has meaningfully contributed to these outcomes.
The increased participation of women in the US work force has had a variety of affects on the economy, including effects that still persist to this day.a. With more workers entering the workforce, we can generally expect a rise in GDP. Firstly, more workers will simply do more work. This reduces job vacancies and allows firms to operate at higher efficiencies. The increased competition in the labor market additionally lowers (or slows) the price of labor. While this is not necessarily a good thing for workers in direct competition with the new women laborers, this allows for firms to have cheaper inputs in their production and increase their profits. Likewise, more people are simply counted among the workforce and therefore their labor contributions are able to contribute to GDP--a woman working in a factory for 8 hours contributes to GDP, whereas a woman doing childcare and housework in her on home for 10 will not.More workers in the workplace, even with lower or slower growing wages, likely means that there is more money for consumption. This consumption further drives the economy as people buy more, and new sectors also respond to this shift in home life, such as cleaning services and child care providers. This increase in GDP, consumption, and productivity, as well as a stagnation of wages, can all be seen in US economic indicators since the 1970s. There are certainly a variety of reasons for this, but it is logical to assume that the entrance of women into the labor market has meaningfully contributed to these outcomes.b. If we were to be able to construct some time of well-being indicator (which would be difficult) we are likely to see a reduction of work in the home. The reason for this is obvious--more time working in the official labor force means less time for domestic work, and this is true of both men and women. Likewise, the slowly increasing costs of living, while coupled with sluggish wage growth, means that people are simply required to work more, and today it's uncommon to see a one-income household.
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