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Chapter 26 - Unemployment and Its Natural Rate
Labor Unions
What are labor unions trying to achieve? Generally, they seek a
greater share of income for workers (and less for owners of capital).
The AFL/CIO is a
large collection of labor unions in the United States, and its web
site explains in great detail what labor unions do. As you look
through the parts of their web site, you’ll see that it has a
lot to do with economic principles, seen through the lens of the
worker. See the AFL/CIO’s views about "Common Sense
Economics".
Minimum Wage
Kenneth Couch discusses the impact of the minimum wage on earnings
and employment in his article "Distribution and
Employment Impacts of Raising the Minimum Wage".
Unemployment Insurance
Unemployment insurance is a state-run program, so every state has
a slightly different set of rules and different set of benefits. In
their article, "New Ways of Evaluating State Unemployment
Insurance,"
Robert Tannenwald,
Christopher J. O’Leary, and Wei-Jang Huang show that comparisons
among state unemployment insurance systems can be misleading.
Frequently quoted indicators of the generosity of their benefits,
competitiveness, and adherence to the experience-rating principle are
influenced by states’ relative economic conditions, thereby
obscuring underlying structural differences. Moreover, because the
indicators are statewide averages, they obscure important intrastate
differences in tax and benefit treatment across types of firms and
workers.
Data on the Labor Force and Unemployment
The best place on the web to learn about the U.S. labor force, employment,
unemployment, and anything else you want to know, is the web site
of the Bureau
of Labor Statistics. The site has recently been given
a facelift, making it much easier to navigate.
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