chapter  8
32 Pages

Our Labor Markets

In Chapter 6, we examined the operation o f the labor markets as they would exist in a perfectly competitive market system. In this chapter, we look at the departures from that model, our labor markets as they actually exist. We look at the changing nature o f work and the normative results for workers. Special attention is paid to unions and how collective bargain­ ing, in contrast to demand and supply under perfect competition, deter­ mines wages and conditions o f employment.