In the article entitled “The Economic Effects of Labor Unions Revisited,” Vedder and Galloway attempt to prove statistically, using historical data, that labor unions do not have a good effect on the economy. Read the article, and explain the following microeconomic concepts that the authors discuss and how they are related to unions:

  • Demand, supply, and equilibrium wage rates of labor
  • Unemployment
  • Real GDP and economic growth
  • Income per capita
  • Population growth and aging
  • The article focuses on harmful economic effects, but also mentions some positive aspects. What are they?

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In the article entitled “The Economic Effects of Labor Unions Revisited,” Vedder and Galloway attempt to prove statistically, using historical data, that labor unions do not have a good effect on the economy. Read the article, and explain the following microeconomic concepts that the authors discuss and how they are related to unions:

  • Demand, supply, and equilibrium wage rates of labor
  • Unemployment
  • Real GDP and economic growth
  • Income per capita
  • Population growth and aging
  • The article focuses on harmful economic effects, but also mentions some positive aspects. What are they?

Leave a Reply

Your email address will not be published. Required fields are marked *