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What is an Australian Job Worth?

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  • Paul Oslington
Abstract
The value of a job is an important issue for management, human resources, law and public policy, yet we lack good empirical estimates of this value. This article presents a theoretical framework for valuing jobs and estimates the average economic value of an Australian job at approximately $104,000. However, judges awarding compensation for unfair dismissal under the Fair Work Act implicitly value a job at around $10,000. If the economic value estimate is correct then workers place a high value on keeping their job, which has important human resources management implications, such as worker commitment and risk‐taking.

Suggested Citation

  • Paul Oslington, 2020. "What is an Australian Job Worth?," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 53(4), pages 482-493, December.
    • Handle: RePEc:bla:ausecr:v:53:y:2020:i:4:p:482-493
    DOI: 10.1111/1467-8462.12384
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    References listed on IDEAS

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    1. Paul Oslington, 2005. "Unemployment and Trade Liberalisation," The World Economy, Wiley Blackwell, vol. 28(8), pages 1139-1155, August.
    2. Layard, Richard & Nickell, Stephen & Jackman, Richard, 2005. "Unemployment: Macroeconomic Performance and the Labour Market," OUP Catalogue, Oxford University Press, number 9780199279173.
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    6. Benoit Pierre Freyens & Paul Oslington, 2021. "The impact of unfair dismissal regulation: Evidence from an Australian natural experiment," LABOUR, CEIS, vol. 35(2), pages 264-290, June.
    7. Edward P. Lazear, 2018. "Compensation and Incentives in the Workplace," Journal of Economic Perspectives, American Economic Association, vol. 32(3), pages 195-214, Summer.
    8. Jeff Borland, 2015. "The Australian Labour Market: The More Things Change …," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 48(3), pages 225-242, September.
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    11. Jeff Borland, 2012. "Industrial Relations Reform: Chasing a Pot of Gold at the End of the Rainbow?," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 45(3), pages 269-289, September.
    12. Paul Oslington & Benoit Pierre Freyens, 2013. "A First Look at Incidence and Outcomes of Unfair Dismissal Claims under Fair Work, WorkChoices and the Workplace Relations Act," Australian Journal of Labour Economics (AJLE), Bankwest Curtin Economics Centre (BCEC), Curtin Business School, vol. 16(2), pages 295-306.
    13. Marcus Eliason & Donald Storrie, 2009. "Does Job Loss Shorten Life?," Journal of Human Resources, University of Wisconsin Press, vol. 44(2).
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    Cited by:

    1. Benoit Pierre Freyens & Paul Oslington, 2021. "The impact of unfair dismissal regulation: Evidence from an Australian natural experiment," LABOUR, CEIS, vol. 35(2), pages 264-290, June.

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