micro economics homework assignment phase 5

Deliverable Length: 1000-1500 words

In the article entitled “The Economic Effects of Labor Unions Revisited,”

( https://campus.ctuonline.edu/portal/6/pages/mainframe.aspx?contentframe=/portal/6/Pages/Home.aspx )

Vedder and Galloway attempt to prove statistically, using historical data, that labor unions do not have a good effect on the economy. Read the article, and explain the following microeconomic concepts that the authors discuss and how they are related to unions:

  • Demand, supply, and equilibrium wage rates of labor
  • Unemployment
  • Real GDP and economic growth
  • Income per capita
  • Population growth and aging
  • The article focuses on harmful economic effects, but also mentions some positive aspects. What are they?

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