Wednesday, July 16, 2014

I visited the "Shawshank Redemption" Prison this week and came away with this observation (why, yes, of course it involves economics)

I visited the prison that was used as the backdrop for the GREAT movie "Shawshank Redemption".  It is located in Mansfield, Ohio and is open to the public.  It is an unbelievable facility and if you are a fan or the movie (or prisons) it is a must see!

I am always looking for an economics lesson and by luck they had this pay stub for a prison guard from 1962.

His pay was $315.00 per month ($2,481.00 in 2014 dollars) or $157.50 every two weeks ($1,240.50 in 2014).

I assume he worked a 40 hour week which means he earned $1.97 per hour over 80 hours in the two week pay period.  As a comparison, in 2014 dollars that would be $15.52 per hour.

There is a new correctional facility right next to the old prison.  According to the median salary of a correctional officer at that facility is about $38,000. Using 2,000 as the number of hours worked in a given year (with 2 weeks vacation unpaid vacation--not likely) that works out to $19.00 per hour (this is wage and NOT other non-cash benefits which I am guessing are much better today than in 1962).

The salary of a prison guard today in Mansfield, Ohio has at least kept up with inflation ($19.00 versus the $15.52).

Not sure if Andy Dufrane or Old Red would appreciate that or not.

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