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Social Accounting in a Unionized Economy

Author

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  • Aronsson, Thomas

    (Department of Economics, Umeå University)

Abstract

This 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.

Suggested Citation

  • Aronsson, Thomas, 2002. "Social Accounting in a Unionized Economy," Umeå Economic Studies 591, Umeå University, Department of Economics.
    • Handle: RePEc:hhs:umnees:0591
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    More about this item

    Keywords

    Social Accounting; Unemployment; Welfare Measurement;
    All these keywords.

    JEL classification:

    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
    • J64 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Unemployment: Models, Duration, Incidence, and Job Search

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