ARE UNIONS GOOD OR BAD FOR THE ECONOMY

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ARE UNIONS GOOD OR BAD FOR THE ECONOMY Economists disagree about whether unions are good or bad for the economy as a whole. Let’s consider both sides of the debate Critics argue that unions are merely a type of cartel. When unions raise wages above the level that would prevail in competitive markets, they reduce the quantity of […]

THE ECONOMICS OF UNIONS

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THE ECONOMICS OF UNIONS A union is a type of cartel. Like any cartel, a union is a group of sellers acting together in the hope of exerting their joint market power. Most workers in the US. economy discuss their wages, benefits, and working conditions with their employers as individuals. By contrast, workers in a union do […]

MINIMUM WAGE LAWS

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MINIMUM WAGE LAWS Having seen how frictional unemployment results from the process of matching workers and jobs, let’s now examine how structural unemployment results when the number of jobs is insufficient for the number of workers’ To understand structural unemployment, we begin by reviewing how unemployment arises from minimum-wage laws. Although minimum wages are not the predominant reason […]

UNEMPLOYMENT INSURANCE

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UNEMPLOYMENT INSURANCE One government program that increases the amount of frictional unemployment, without intending to do so, is unemployment insurance. This program is designed to offer workers partial protection against job loss. The unemployed who quit their jobs, were fired for cause, or just entered the labor force are not eligible. Benefits are paid only to the unemployed […]

In a Deep Crisis, Germany Begins to Revamp Its Vast Welfare State

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In a Deep Crisis, Germany Begins to Revamp Its Vast Welfare State Essen, Germany-Four years ago, the German social-welfare system rescued Renate Franke Soon after her mother died of cancer that year, her was diagnosed with the same disease. Emotionally drained,Franke, then 48 years old, quit her job at an  The state stepped in, sending her […]

PUBLIC POLICY AND JOB SEARCH

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PUBLIC POLICY AND JOB SEARCH Even if some frictional unemployment is inevitable, the precise amount the f er information spreads about job openings and worker availability, the more rapidly the economy can match workers and firms. The Internet, for instance, may help facilitate job search and reduce frictional unemployment. In addition, public policy may play role. If policy […]

WHY SOME FRICTIONAL UNEMPLOYMENT IS INEVITABLE

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WHY SOME FRICTIONAL UNEMPLOYMENT IS INEVITABLE Frictional unemployment is often be changes in the  When consumers decide that they prefer Den to Gateway computers, Dell increases employment, and Gate way lays off workers. The former Gateway workers must now search for new jobs, and Dell must decide which new workers to hire for the various jobs that […]