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Underemployment, Irreversibilities and Growth under Trade Unionism

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  • de la Croix, David
  • Licandro, Omar

Abstract

The 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.

Suggested Citation

  • de la Croix, David & Licandro, Omar, 1995. " Underemployment, Irreversibilities and Growth under Trade Unionism," Scandinavian Journal of Economics, Wiley Blackwell, vol. 97(3), pages 385-399, September.
  • Handle: RePEc:bla:scandj:v:97:y:1995:i:3:p:385-99
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    Cited by:

    1. Ramos Parreno, Jose Maria & Sanchez-Losada, Fernando, 2002. "The role of unions in an endogenous growth model with human capital," Journal of Macroeconomics, Elsevier, vol. 24(2), pages 171-192, June.
    2. Luca Gori & Luciano Fanti, 2009. "Right-to-manage unions endogenous growth and welfare," Economics Bulletin, AccessEcon, vol. 29(2), pages 903-917.
    3. Erling Steigum Jr., "undated". "Fiscal Deficits, Asset Prices and Intergenerational Distribution in an Open Unionized Economy," EPRU Working Paper Series 97-19, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics.
    4. 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.
    5. Erling Steigum, 2001. "Trade Unions and the Burden of the Public Debt," CESifo Working Paper Series 587, CESifo Group Munich.
    6. Sjögren, Tomas, 2017. "Can a Marginally Distorted Labor Market Improve Capital Accumulation, Output and Welfare?," Umeå Economic Studies 946, Umeå University, Department of Economics.

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