Recent research has attempted to explain the impact of changes in union bargaining on the U.K. productivity miracle of the 1980s. A central part of these explanations is the concept of 'effort' or 'working conditions' as an observable component of negotiations. After reviewing the evidence, this...

We investigate the impact of financial participation (profit-sharing and share ownership) on workers' total compensation. Some workers' representatives have argued against the introduction of profit-sharing because they fear that profit-sharing would be a way for firms to reduce the marginal...