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An increase in the price of a supply-substitute reduces the supply of a good (by making the alternative good more attractive to suppliers), and similarly, a decrease in the price of a supply complement reduces the supply of a good. By making the by-product less valuable, the returns to investing in a good are reduced. Thus, an increase in the price of DVD-R discs (used for recording DVDs) discourages investment in the manufacture of CD-Rs, which are a substitute in supply, leading to a decrease in the supply of CD-Rs. This tends to increase the price of. | Appeared in Barry T. Hirsch Unionization and Economic Performance Evidence on Productivity Profits Investment and Growth in Fazil Mihlar ed. Unions and Right-to-Work Laws Vancouver B.C. The Fraser Institute 1997 pp. 35-70. Unionization and Economic Performance Evidence on Productivity Profits Investment and Growth Barry T. Hirsch Department of Economics Florida State University Tallahassee Florida 32306-2045 Abstract The effect of labor unions on economic performance is a crucial factor in evaluating public policy toward union organizing and bargaining rights. This paper evaluates theory and evidence on the relationship of unionization with respect to productivity profitability investment and employment growth. The clear pattern that emerges from the research literature primarily for the U.S. but also elsewhere is that unions do not on average increase productivity and that collective bargaining is associated with lower profitability decreased investment in physical capital and research and development R D and lower rates of employment and sales growth. As long as unionized companies operate in a competitive environment poor economic performance implies a continuing decline in membership absent changes in labor law favorable toward union organizing. Yet deleterious union effects on performance tend to undermine rather than buttress the case for labor law reforms that increase union strength. Policies that enhance competition in product and factor markets promote economic growth and limit the costs associated with unionism yet do little to facilitate the exercise of collective voice and employee participation in the workplace. I. Introduction Central to policy debate regarding labor law reform and the appropriate role for labor unions in an economy is the effect of unionization on economic performance. There exists widespread support for a legal framework that permits the exercise of collective voice representing workers. The impact of unions on economic performance
