At a university faculty meeting, a proposal was made to increase the housing benefits for new faculty to keep pace with the high cost of housing. True or False: In the long run, this increase in housing benefits will make faculty positions more attractive than other jobs. (Hint: Consider how the indifference principle applies to this occupation in the long run.) True False

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11-07-2022
Business

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At a university faculty meeting, a proposal was made to increase the housing benefits for new faculty to keep pace with the high cost of housing. True or False: In the long run, this increase in housing benefits will make faculty positions more attractive than other jobs. (Hint: Consider how the indifference principle applies to this occupation in the long run.) True False

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Tutorconsortium330 Tutorconsortium330 · Answer 1 · 2022-07-19T10:16:42+02:00

FALSE

The indifference principle states that, in the long run, if an asset is mobile, then it will be indifferent about where it is used. That is, the asset will earn the same profit no matter where it goes.

How does the indifference principle apply to this occupation in the long run?

The indifference principles suggest that wages will adapt to return the labor market to equilibrium. In this instance, a rise in some non-salary advantages (such as housing benefits or health care benefits) elevates the teaching post above other professions in terms of attractiveness. On the other hand, as more people aspire to work as professors, the labor supply in this industry will grow in the long run, lowering wages. As people in those businesses (or people who would have entered them) seek employment as faculty members, the supply of labor in other industries will also decline at the same time. As a result, wages in other sectors increase.

New faculty members' salaries will keep declining until they are competitive with other occupations. The labor supply for professor posts will eventually run out because there is no longer any incentive for people to pursue careers as college teachers. Because the labor supply is no longer growing, wages are no longer falling. Despite the rise in perks, wages have moved lower at this new equilibrium, making faculty jobs just as desirable as other jobs.

At the same time, the labor pool in those other industries will shrink as workers in other enterprises (or people who would have entered them) look for jobs as professors. As a result, wages in other industries rise.

The pay of new faculty members will continue to decrease until they are comparable to those of other professions. Since there is no longer any motivation for people to pursue careers as college teachers, the labor supply for professor positions will soon run out. Wages are no longer declining since the labor supply is no longer increasing. Faculty employment are just as desirable as other jobs due to the decline in pay in this new equilibrium, despite the growth in benefits.

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