The economic effects of labor unions revisited

Reference no: EM13760577

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

· Deadweight welfare loss

· Elasticity

· Real GDP and economic growth

· Income per capita

· Population growth and aging

· Marginal costs, marginal revenues, and profits

Reference no: EM13760577

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