PHASE 5 Individual ProjectECON - 75079

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  • From: , Microeconomics
  • Due on: Sat 20 Sep, 2014 (09:40pm)
  • Asked on: Sat 20 Sep, 2014
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1000-1500 Words

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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