What is labor union microeconomics?

A labor union is an organization of workers that negotiates with employers over wages and working conditions. A labor union seeks to change the balance of power between employers and workers by requiring employers to deal with workers collectively, rather than as individuals. read more

The Microeconomics are clear: absent that legal monopoly, union workers would be paid a market-clearing rate for their labor, and as that would lower the costs of production of whatever goods or services that are produced by union labor (unless the unions are incompetent and didn't successfully demand wages in excess of market labor rate), those goods & services would become cheaper for everyone to buy. read more

A labor union also called a trade union, is an organization that represents the collective interests of workers. Workers unite to negotiate with employers over wages, hours, benefits and other working conditions. read more