Underemployment, Irreversibilities and Growth under Trade Unionism
研究了在工会化经济中，不可逆决策和不确定性如何导致劳动力和设备的持续利用不足，并降低稳态人均资本存量，同时分析了工会力量对资本积累的模糊影响。
The effects of irreversibility and uncertainty are analyzed in a unionized economy with overlapping generations. Irreversible decisions about technology and physical and human capital are made under uncertainty and generate underutilization of labor and equipment not only over the convergence path, but also at steady state. The related inefficiency negatively affects the accumulation process by reducing the per-capita capital stock at teady state. The effect of union power on capital is ambiguous and depends crucially on the presence of irreversible decisions.