Trade Union Objectives and Economic Growth

accrues to labor aggregate output aggregate savings aggregate technology argument capita income growth capital and efficient capital income effect chooses a level Cointegration competitive equilibrium competitive level condition consider continuous function current old current young economic growth effect of unionization efficient labor elasticity of efficient elasticity of substitution employment dL endogenous equations equilibrium with unionized f(kt factor prices factor-income distribution follows Guender implies increases the welfare interest rate Julian Wright K₁ Kt+1 labor in efficiency labor income level of employment marginal productivity maximizes lifetime utility Monetary Policy monopoly union output effect output elasticity output that accrues p(Lt propensity to save Proposition Rainer Winkelmann reduction in employment Section substitution between capital trade union objectives union attaches union chooses union preferences union's maximization problem unionized labor University of Canterbury University of Mannheim V(Lt w(Ît w(Lt wage income effect wage mark-up Wigger Zealand