TAILIEUCHUNG - Lecture Issues in economics today - Chapter 42

The following will be discussed in this chapter: Economic growth in the United States: The record; the role of productivity; the reasons our productivity has varied; the roles of savings, capital, and technology; the declining quality of our labor force; economic growth in the less developed countries; the malthusian theory of population. | Chapter 42 Unions Chapter Outline WHY UNIONS EXIST A UNION AS A MONOPOLIST THE HISTORY OF LABOR UNIONS WHERE UNIONS GO FROM HERE Background Currently unions represent less than 15% of the total workforce and less than 10% of the private workforce. In the late 1800s-early 1900s unions’ actions were considered a violation of the Sherman Anti-Trust Act provisions against restraint of trade. Laws giving union members rights to collective bargaining were passed in the early 1900s but declared unconstitutional. It was not until the 1930s when union protections were created and affirmed by the courts. Why Unions Exist The labor market is not perfectly competitive If there is one buyer of labor, the wages and the number of workers hired will be lower than the economically efficient level. Unions can enhance the value of labor to firms with training and apprenticeships. A Perfectly Competitive Labor Market Labor W Demand Supply A W* B C 0 L* Value to the firms: 0ACL* Firms pay workers: OW*CL*

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