Political Economy of Race, Class and Gender Essay

Political preservation of Race, Class and Gender - Essay Example14). They aim at explaining the reason behind large metrical composition of unemployed and underemployed blacks relative to whites and the wage gaps between blacks and whites and between genders.This paper discusses the salient differences between these 2 models the neoclassical economics theory and the political economy models of the delve market. It includes a discussion on the brilliance of the differences in the realm of race and gender while highlighting the critiques of neoclassical presumption by political economists.In neoclassical economics, discrimination is analyzed in simplicity using the same implements used to generalise market behavior. Discriminators here are either maximizing their welfare or minimizing any apparent assay (Albelda et al. 36).Under this model, discrimination in the labor market is not a long-term phenomenal. Discrimination in the labor markets takes the form of high wages for whit e workers relative to black workers equipped with confusable skills and carrying out similar productive jobs under similar working conditions job segregation of blacks into lesser- paid jobs and high unemployment rates for blacks relative to whites (Albelda et al. 60). The commodious persistence of discrimination is attributed to low competition among firms and workers and incomplete information in the labor market.Employers taste leads to higher costs as it hampers competition among workers. The discriminating firms directly cover these higher costs by paying higher wages for labor power. According to neoclassical economics, this approach of discrimination is efficient in allotment of scarce resources in the labor markets by the discriminating firms (Albelda et al. 65). Neoclassical economic models assume that competition have with employers diversity in tastes eradicates labor market discrimination. A competitive market will increase