Question

The earnings of engineers, doctors, and lawyers are high because lots of education is necessary to...

The earnings of engineers, doctors, and lawyers are high because lots of education is necessary to practice in these fields."

Agree or disagree with this statement

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Answer #1

Disagree

Wage difference exists due to a plethora of reasons/factors and human capital development is one of them. Primarily there is an initial investment required in these fields so not many people take up these jobs which keeps the demand high and so earnings offered are higher. Secondly because workers are willing to recover the cost of education, their reservation price is also higher. Thirdly, workers are paid their marginal revenue product and these professions have a very high marginal revenue product because their demand is higher. Hence they are able to earn more.

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