Modesto, Leonor; Lloyd-Braga, Teresa; Coimbra, Rui - 2000
We analyse the implications of unions (efficient bargaining) for multiplicity of stationary states and welfare, local … external increasing returns to scale, where capital is the unique asset. We find that a slight increase in unions power may … of the system. In fact, while an increase in the bargaining power of unions reduces the scope for local indeterminacy …
