Nurese Wages
In most markets, wages are determined by supply and demand. If the need for a particular position is great, wages will rise in order to attract more workers to this field. Interestingly, for nurses this has not been the case. An analysis of nurse wages over the late 1990s and into 2000 found that nurse pay did not increase at all, although some hospitals had already begun worrying about a nurse shortage in 1997. When wages began to rise, nurses responded promptly as hospitals added 186,500 nurses between 2001 and 2003. However, instead of competing for nurses by increasing pay, many hospitals turned to a combination of mandatory overtime, understaffing, and one-time hiring bonuses to meet staffing needs. (Value care value nurses [VCVN], 2006)
Nursing is a demanding task, and if something less demanding offers a comparable wage, many economists believe people will leave nursing. This brings us to the first principle in economics that states “People Face Tradeoffs”. In order to......
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Nurese Wages
nurese wages. In most markets, wages are determined by supply and demand.
If the need for a particular position is great, wages will ...
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