Broadway's Economic Lessons: Legally Blonde
Elle Woods learns about which lawyers earn more money
Why do some jobs pay more than other jobs? It’s a complicated question, but we can learn about one key factor that matters in the song “Blood in the Water” from Legally Blonde.
The aspiring lawyers learn that the high-paying jobs go to those who are willing to search for "Blood in the Water" and take morally-dubious jobs. The key economic concept we discuss is compensating wage differentials. A compensating wage differential occurs when someone is paid more to do an unappealing job.
Learn more in this video, and stay tuned as each week I’m dropping new videos on the economic lessons from Broadway songs. (See here for a previous video.)