ABSTRACT
Our analysis of the workings of labor markets has, for the most part, omitted any mention of the role of labor unions and collective bargaining. Because many people have strong and confl icting opinions about the role of unions in our society, it is often diffi cult to remain objective when discussing them. Some people view labor unions as forms of monopolies that, while benefi ting their own members, impose substantial costs on other members of society. In contrast, others view unions as the major means by which working persons have improved their economic status and as important forces behind much social legislation.
