Discrimination Doesn’t Pay
To an economist, the issue of job discrimination is one of optimizing the value of human capital and, on a more political note, economic justice. From the truly dismal economics of slavery to recent efforts to exclude immigrants, the United States has a long history of discrimination in the workplace.
Broadly, human capital is the total of all that people bring to an economy. It is also the base of knowledge and skills that the population, or a subset of a population, has acquired through training, education, experience, and similar endeavors (including reading!). People invest in human capital through ...