ECON 201 Lecture Notes - Lecture 19: Vehicle Insurance, Bargaining Power
Document Summary
Labor unions: definitions: organization of employees, (usually same occupation of industry) Consent to join bargaining with employers about: wages, working conditions, grievance procedures etc. Bargaining power: strike or threat or strike reduce economic efficiency: historically controversial: Initially designed to protect workers from greedy firms: general behave as monopolies. 4x as many government employees than private sector workers: causes of union decline: p unionized labor becomes more elastic. Increase competition with non-union works: automation replaces humans with machine, deregulation certain industries. Recent: make it illegal for companies to require union membership as a condition of employment (right to work)
