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that even if one could in theory do something about it then the institutions required would be unreliable, and one would be …
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that even if one could in theory do something about it then the institutions required would be unreliable, and one would be …
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This paper analyzes the implications of bilateral bargaining over wages and employment between a producer and a union …. Wages and aggregate employment levels are set according to an efficient (Nash) bargaining agreement while the commodity … lower output and employment. Moreover, the induced nominal equilibrium wage is not always a monotonically increasing …
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