1.8. Some Artisans Earn More, Others Less, According to the Different Cases and Circumstances

In addition to training and the forces of supply and demand, workers with higher quality skills, risky jobs, or jobs which require trustworthy employees will receive higher wages. This is now known as the theory of compensating differentials that is often attributed to Adam Smith.

From Part 1: Production, Distribution, and Consumption. Narrated by Millian Quinteros.