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Underemployment, Capital Irreversibility and Growth under Trade Unionism

Author

Listed:
  • de la Croix, David

    (UNIVERSITE CATHOLIQUE DE LOUVAIN, Institut de Recherches Economiques et Sociales (IRES) ; Belgian National Fund for Scientific Research (FNRS))

  • Licandro, Omar

    (University Carlos III, Madrid)

Abstract

In an unionized OLG model, it is shown that steady-state underutilization of labour and equipment can be due to the combinaison of the following elements : (i) Irreversibility of capital, technology and skill decision, (ii) Firm specific shocks on productivity. The presence of unions is neither sufficient nor necessary for having unemployment. The result of Devereux and Lockwood (1991) that union power affects positively the capital stock in general equilibrium does not always hold under capital irreversibility.

Suggested Citation

  • de la Croix, David & Licandro, Omar, 1994. "Underemployment, Capital Irreversibility and Growth under Trade Unionism," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 1994003, Universit√© catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  • Handle: RePEc:ctl:louvir:1994003
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    Cited by:

    1. Erling Steigum, 2001. "Trade Unions and the Burden of the Public Debt," CESifo Working Paper Series 587, CESifo Group Munich.

    More about this item

    Keywords

    unemployment; underutilization; irreversibility; investment; union power;

    JEL classification:

    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General

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