Underemployment, Irreversibilities and Growth under Trade Unionism
AbstractThe effects of irreversibility and uncertainty are analyzed in a unionized economy with overlapping generations. Irreversible decisions about technology and physical and human capital are made under uncertainty and generate underutilization of labor and equipment not only over the convergence path but also at steady state. The related inefficiency negatively affects the accumulation process by reducing the per capita capital stock at steady state. The effect of union power on capital is ambiguous and depends crucially on the presence of irreversible decisions. Copyright 1995 by The editors of the Scandinavian Journal of Economics.
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Scandinavian Journal of Economics.
Volume (Year): 97 (1995)
Issue (Month): 3 (September)
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Web page: http://onlinelibrary.wiley.com/journal/10.1111/(ISSN)1467-9442
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- Ramos Parreno, Jose Maria & Sanchez-Losada, Fernando, 2002.
"The role of unions in an endogenous growth model with human capital,"
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- Daniel Cardona & Fernando Sanchez Losada, 2003. "Union Power, Minimum Wage Legislation, Endogenous Labor Supplies and Production," Working Papers in Economics 105, Universitat de Barcelona. Espai de Recerca en Economia.
- Erling Steigum, 2001. "Trade Unions and the Burden of the Public Debt," CESifo Working Paper Series 587, CESifo Group Munich.
- Luca Gori & Luciano Fanti, 2009. "Right-to-manage unions endogenous growth and welfare," Economics Bulletin, AccessEcon, vol. 29(2), pages 903-917.
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