[This is part of the series: The Complete Guide To Economics 101.]
What is comparative worth?
Comparative Worth is a concept of labor economics that says comparable jobs should be paid the same wage.
The issue here is defining the word “comparable.”
For instance, is an aerospace engineer with a graduate degree, and 20 years of experience worth exactly the same as a kindergarten teacher with the same education and experience?
Most (honest) economist believe the market is the best place to set prices, including wages.