Week 10 Article-How much is Being attractive Worth

Attractiveness and Economic Impact

• Overview of Attractiveness

  • Attractiveness plays a significant role in financial success for both men and women.

  • A study published in November 2012 indicates that beautiful people experience increased happiness, though the sources of that happiness differ by gender.

• Economic Advantages for Men

  • Handsome men reap economic benefits such as higher wages.

  • The study led by Daniel Hamermesh, a labor economist from the University of Texas at Austin, suggests that beautiful men make significantly more than their less attractive peers.

  • Average wage increase for attractive men: 13% more over their careers compared to less attractive counterparts.

• Psychological Benefits for Women

  • Women find joy in their attractiveness, where self-image and intrinsic value play a larger role.

  • Hamermesh notes that women perceive beauty as inherently valuable, stating, "They just feel bad if they’re ugly."

• Cultural Effects

  • Hamermesh's research into "pulchronomics" (the economics of beauty) has led to controversy, particularly in discussions about homemaking women versus those in the workforce.

  • He encountered backlash from young audiences regarding his findings on beauty and economic participation.

• Market Influence of Beauty

  • The pursuit of attractiveness drives a significant industry, with consumers spending substantial sums on cosmetic enhancements (e.g., $845 million on face-lifts in 2010).

  • Economists didn't significantly study beauty's economic effects until the mid-1990s, when Hamermesh and Jeff Biddle initiated research on how appearance impacts earnings.

Beauty Scarcity and Employment

• Economic Theory of Beauty

  • Hamermesh claims that beauty is a scarce commodity that comes with a price.

  • Attractive individuals are preferred in hiring processes, especially during economic downturns like recessions.

• "Lookism" in Various Professions

  • Appearance affects salaries across various professions, including unexpected fields:

    • Athletes: Unattractive quarterbacks earn 12% less than their attractive peers.

    • Academics: Attractive economics professors earn 6% more than their less attractive colleagues, as evidenced by ratings on platforms like RateMyProfessors.com.

• Return on Cosmetic Investments

  • Research indicates that spending on beauty products yields poor financial returns, with only 4 cents returned in salary for every dollar spent.

  • Therefore, investment in cosmetic enhancements can often be seen as financially imprudent.

Perception of Attractiveness

• Expectancy Theory

  • Research indicates that unattractive individuals might benefit from lower expectations.

  • When they exceed these low expectations, they can receive rewards that attractive individuals might not.

• Beauty Penalty

  • Attractive individuals may suffer from a "beauty penalty"; if their performance fails to meet higher societal expectations, they face wage depression over time.

  • Rick K. Wilson, a political scientist at Rice University, discusses these phenomena, emphasizing how expectations for attractive individuals can lead to diminished rewards when they don't live up to those standards.