labor and government regulation warm up: quick write 1.are labor unions overall good/bad? 2.is...
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Labor and Government Regulation
Warm Up: Quick Write1. Are labor unions overall good/bad?2. Is minimum wage worth keeping?
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Labor Unions
• Objectives– Higher pay for workers– Improve working conditions– Increase demand for workers/decrease supply
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The Demand for Union Labor
• If demand for a good goes down, so does demand for the labor that produces that good (visa versa)
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Supply of Union Labor
• The lower the supply, the higher your wage• Some people criticize labor unions for
controlling supply of labor– Closed shops: only hire union members
• Taft-Hartley Act (1947)– Closed shops illegal– Gave states the right to pass right-to-work laws– Prohibit employers from establishing union
membership as a condition of employment
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Right to Work Laws
• 22 states• Mostly south, mid-west• Not NY
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Views on Unions
• Traditional view – obstacle to establishing reasonable work standards and thus make companies less competitive
• Newer view – valuable collective voice and as a result have a higher rate of productivity
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Brief History of Unions
• Knights of Labor• American Federation of Labor• Sherman Anti-Trust Act• Norris-LaGuardia and Wagner Acts• The Congress of Industrial Organizations• Taft-Hartley Act• Landrum-Griffin Act
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Government Regulation
• Governments regulate – Price ceilings/floors : min wage– Natural monopolies– Businesses: air quality– Labor markets: hiring practices, and safety
• Occupational Safety and Health Administration (OSHA)
• Consumer Product Safety Commission (CPSC)• Environmental Protection Agency (EPA)
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Argument Against
• Regulation is too costly for taxpayers• Increases costs on businesses
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Argument For
• Even though costs are high, benefits are higher• Highway fatalities would be 40% higher• Childproof lids resulted in 90% fewer deaths
caused by accidental swallowing of poison/pills• Restrictions on asbestos save between 630 and
2500 persons from dying of cancer each year