Unpacking the Beauty Premium, Borland J & Leigh A, unpub., 2013.
The first Australian study of the financial return to physical attractiveness finds its worth an astounding $32,150 in annual salary, with men of above average looks typically commanding $81,750 compared to $49,600 for men with below-average looks.
Men with below-average looks were 15 per cent less likely than normal to be employed and were typically employed for a 9 per cent lower wage. They were also less likely to be married and less likely to married to a woman of high income.
The Golden Age, an essay by prominent Australian economist John Quiggin, reflecting on the current relevance and future possibilities of Keynes 1930 essay, Economic Possibilities for our Grandchildren.
Yesterday Australia joined many developed nations in putting a price on carbon pollution (fixed at $23/tonne CO2e for three years) (prev). Despite extensive compensation, this moderate economic reform has proved enormously unpopular ("based on a lie") and is expected to be repealed if/when the Federal Opposition are returned to government.
Writing in The Monthly, Australian Treasurer Wayne Swan makes a cogent case for ongoing economic reform to deliver equity, contrasting Australian with US outcomes, and slamming three modern robber barons, Clive Palmer, Andrew Forrest and Gina Rinehart for their increasing political influence.
Divided We Stand: Why Inequality Keeps Rising is the latest report from the OECD Directorate for Employment, Labour and Social Affairs. It finds:
In the three decades prior to the recent economic downturn, wage gaps widened and household income inequality increased in a large majority of OECD countries. [...]Launching the report in Paris, OECD Secretary-General Angel Gurría said “The social contract is starting to unravel in many countries. This study dispels the assumptions that the benefits of economic growth will automatically trickle down to the disadvantaged and that greater inequality fosters greater social mobility. Without a comprehensive strategy for inclusive growth, inequality will continue to rise.”Links to Overview [.pdf]; press release; notes [.pdf format] for Australia, Canada, the UK, the USA; data link (excel format).
The Australian Government has committed to a price on carbon from 1 July 2012, prior to a likely full emissions trading scheme within three to five years. The Opposition are outraged, predicting a people's revolt. This should clearly define the next election.