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Trade Unions and the Welfare Economics of Wages and Income Policy

Author

Listed:
  • Andrew J. Oswald

    (Oxford University and Princeton University)

Abstract

This paper discusses the welfare economics of wages and incomes policy. Wage equilibrium is shown to be sub-optimal, because there are trade unions which ignore the external effects created by their own wage claims. Government wages policy is seen as a blanket measure, reducing pay by a small amount for each group, rather than as a selective kind of sectoral control, and is treated as a policy which attempts to change the real characteristics of the economy. Envelope properties help to simplify the welfare expressions. The overall results are not especially favourable to the case for wages and incomes policy.

Suggested Citation

  • Andrew J. Oswald, 1984. "Trade Unions and the Welfare Economics of Wages and Income Policy," Working Papers 557, Princeton University, Department of Economics, Industrial Relations Section..
    • Handle: RePEc:pri:indrel:177
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    More about this item

    Keywords

    incomes; policy;

    JEL classification:

    • C67 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Input-Output Models

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