Book review: Price Is Elastic To Supply
Actually, the book's title is The XX Factor: How Working Women Are Creating A New Society, and I don't actually review it.
From Vox Popoli:
I always find it remarkable, and perhaps even a little depressing, how few people are able to grasp that the primary consequence of the addition of 70 million working women, all of whom were already consumers, to the labor force, could never have been anything else but to lower wages.
One can debate whether female workers are more or less productive than male workers, and one can certainly debate whether the societal effects were beneficial or negative, but the one thing that cannot be denied, on logical, theoretical, historical, or empirical grounds, is that the post-1950 doubling of the female labor force has had a severely depressing effect on American wages.
In 1967, the median household income in inflation-adjusted dollars was $42,934. In 2007, it was a little over $51,000 despite the fact that worker productivity since around 1970 has approximately doubled. In other words, the U.S. middle class hasn't gotten a raise in four decades.
The lost opportunity cost of women entering the workforce as wage-slaves as opposed to staying home to nurture their children is substantial. We can measure at least some of it financially: around $9,000 to $14,000 per child per year.
Here's a rather harrowing account of what it's like to grow up in the household of a mother devoted to her career. (Via The Spearhead).