Social Accounting in a Unionized Economy
AbstractThis paper concerns social accounting in an economy with union wage setting, where the equilibrium is characterized by unemployment. By analogy to the literature on social accounting under environmental external effects, the current value Hamiltonian (or extended NNP in utility terms) is not an exact welfare measure in an economy with unemployment. The present value of future changes in employment also becomes part of the exact welfare measure. Part of the welfare contribution of the future changes in employment is due to an external effect associated with the employed individuals' choices of hours of work. I also show how this 'employment effect' is modified, if the unions are able to directly affect the hours of work per employee.
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Bibliographic InfoPaper provided by Umeå University, Department of Economics in its series Umeå Economic Studies with number 591.
Length: 22 pages
Date of creation: 19 Sep 2002
Date of revision:
Contact details of provider:
Postal: Department of Economics, Umeå University, S-901 87 Umeå, Sweden
Phone: 090 - 786 61 42
Fax: 090 - 77 23 02
Web page: http://www.econ.umu.se/
More information through EDIRC
Social Accounting; Unemployment; Welfare Measurement;
Find related papers by JEL classification:
- I31 - Health, Education, and Welfare - - Welfare and Poverty - - - General Welfare
- J64 - Labor and Demographic Economics - - Mobility, Unemployment, and Vacancies - - - Unemployment: Models, Duration, Incidence, and Job Search
This paper has been announced in the following NEP Reports:
- NEP-ALL-2002-09-28 (All new papers)
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