Gender Wage Inequality: Impact on Future Economy - Essay Sample

Introduction

The current situation determines future economy and the factors that drive economic practices, Wage Inequality by Gender, Race, Socioeconomic Status, and Social Status, therefore, plays an essential role in determining future because these are the significant elements in the economy that influence the way businesses and other economic activities are conducted (Cheng & Goodman, 2015). Wage inequality as a result of gender consideration has dramatically affected the human resource output in the economy, and if wage inequality continues to influence the workforce, then it predicts economic instability in the future.

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Despite the development of the Equal Employment Opportunity Commission (EEOC), there have been cases of job discrimination based on gender, race, social, economic status, and social status (BOOT & CENTER, 2016). It is, therefore, an important issue that needs to be addressed in order to establish a stable background towards achieving a realistic and self-sustainable economic future. Wage inequality has influence political debates as well as policy reports across the world which implies that wage inequality is of point of concern by many countries, fighting for equality and development of laws and regulations to control job discrimination based on gender, socioeconomic and race should be encouraged to serve as the solution to this phenomenon and safe future economy for the coming generations. This paper there argues that Wage Inequality by Gender, Race, Socioeconomic Status, and Social Status will negatively affect the future economy, and this requires considerable attention to solve the problem.

Preview

This article is identifying the impacts of Wage Inequality by Gender, Race, Socioeconomic Status, and Social Status on the future economy, in my opinion, this is a critical problem affecting the growth and development of economic status in different states, businesses, and families. Race and gender have been found as the most influential factors to wage inequality, employers and the government should take a step to eradicate this problem. Human resource plays a vital role in establishing a self-sustainable economy. It is, therefore, essential to consider the effective utilization of the resource regardless of gender, race, or socioeconomic backgrounds.

Gaps Contributing to Wage Inequality and Slow Economic Growth

Today, gender and race are the leading gaps contributing to income inequity as well as increased gaps in workforce participation between men and women, and this has contributed significantly to income inequality between races and sexes, therefore, exacerbating and creating wage inequality (Blau & Kahn, 2017). Female workers are more likely to experience wage equality in the near future if gender considerations continue to play a role in the economy. It evident through unequal access to health services, education, and financial services, which hinders their ability to contribute to economic development. Most of the research studies of the impacts of wage inequality by race, gender, scleronomic and social status are strongly associated with low-income rates and slow economic development in most of the countries (BOOT & CENTER 2016). Low economic growth rates directly influence gender inequality in terms of education by lowering the value of human capital. Also, the growth of indirectly influenced by the impacts of wage inequality. Racial wage inequality is an additional problem to gender wage inequality, and this problem continues to persist even when the government has established laws and regulations controlling occupation, work experience, and education.

How Wage Inequalities Affects Economic Growth

Gander, race and socioeconomic disparities hinder economic growth and development by constraining individual and family incomes and well as spending power. The race presents a vast gap when accounting for income per head; in the long run, the differences increase the risks of financial inadequacy and stress and retirement saving.

The majority of women in the country experience are victims of wage inequality. If wage inequality persists, it will profoundly affect single-income and low-income families. Positive growth of the economy is positively associated with economic equality, which includes wage equality; in case of disparities in wages, utilization of the human resource is not effective therefore lowering economic outcomes in the log-run. Wage inequality by race is deleteriously affecting economic growth in the USA (Blau & Kahn,2017).

Closing the Gender, Race and Socioeconomic Pay Gaps

To realize a sustainable economic future where all the races, gender, and people from different socioeconomic backgrounds, it is crucial to consider ending the error of wage inequalities. Closing these gaps has become an everyday inspiration from different documentation to achieving a prosperous future of economic equality. Equal remuneration must be implemented if wage equality and decent labor force across all the profit and non-profit organizations are to be achieved. It is essential to consider promoting inclusive and equal labor markets through specific wage equity policies. For instance, agenda towards eradicating wage inequality and the establishment of individualized pay as well as offsetting to a considerable extent beneficial programs for women and increasing access to education services will help to end the impacts of these gaps on the economy.

It is the role of the government to ensure that all citizens access the available job opportunities to receive their income regardless of race, gender, socioeconomic, or social status in society. Any form of discrimination based on these factors should be treated as an illegal act, and a person involved should be persecuted. The EEOC is one of the organizations that has profoundly addressed issues of job discrimination, and more changes are therefore necessary to improve their performance and end the wage inequality.

To achieve a positive economic future, it is important to consider providing equal opportunities to all people regardless. Education has helped to improve population quality in terms of skills and specialization; however, if race, gender, and social-economic consideration are involved in job places, it is an evidence that the economy will continue to face the same challenges and economic crisis (Stiglitz 2016). Our economy depends on the available resources, however the way we utilize these resources matters, if we could practice policies that reduce wage inequality based on race and gender, people will experience a smooth economic growth and development.

Conclusion

In conclusion, wage inequality by race, gender, socioeconomic, and social status lowers economic growth and development of a country. It is essential to consider this issue as an economic crisis and find ways of eradicating the effects. Gender and race account for the increasing economic problems affecting most of the families in today's society.

The economy significantly depends on human resource ineffective utilization of this resource as a result of race, gender, and difference in social status negatively affect the future economy. There are negative implications of wage inequalities on the economy based on some of the practices in a business organization that is involved in job discrimination, to be specific discrimination of color, and gender is increasingly affecting the way businesses work. It is, therefore, important to consider addressing this problem; the government and business organization are the primary stakeholders to determine change and encourage economic equality. The argument is useful to enlightening the need for economic equality and closing the gaps associated with race, gender, socioeconomic, and social status in society. To help achieve more on this issue, there is a need for more research to explore the impacts of wage equalities on the future become.

References

Blau, F. D. (2016). Gender, inequality, and wages. OUP Catalogue.

Blau, F. D., & Kahn, L. M. (2017). The gender wage gap: Extent, trends, and explanations. Journal of Economic Literature, 55(3), 789-865.

BOOT, J., & CENTER, S. B. L. (2016). Equal employment opportunity commission.

Cheng, T. L., & Goodman, E. (2015). Race, ethnicity, and socioeconomic status in research on child health. Pediatrics, 135(1), e225-e237.

Stiglitz, J. E. (2016). Inequality and economic growth. In Rethinking Capitalism (pp. 134-155).