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Calmfors–Driffill Hypothesis
The Calmfors–Driffill hypothesis is a macroeconomics, macroeconomic theory in labour economics that states that there is a direct relationship between the degree of collective bargaining in an economy and the level of unemployment. Specifically, it states that the relationship is roughly that of an 'inverted U': as trade union size increases from nil, unemployment increases, and then falls as unions begin to exercise monopoly power. It was advanced by Lars Calmfors and John Driffill. The rationale is related to Mancur Olson's idea, from ''The Rise and Decline of Nations'', that organised interests are at their most harmful when they do not internalise significant amounts of the costs they impose on society, but become less harmful as their interest becomes encompassing enough to suffer the costs. References Unemployment Macroeconomic theories 1988 in economic history Labor relations {{labor-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Calmfors–Driffill Hypothesis
The Calmfors–Driffill hypothesis is a macroeconomics, macroeconomic theory in labour economics that states that there is a direct relationship between the degree of collective bargaining in an economy and the level of unemployment. Specifically, it states that the relationship is roughly that of an 'inverted U': as trade union size increases from nil, unemployment increases, and then falls as unions begin to exercise monopoly power. It was advanced by Lars Calmfors and John Driffill. The rationale is related to Mancur Olson's idea, from ''The Rise and Decline of Nations'', that organised interests are at their most harmful when they do not internalise significant amounts of the costs they impose on society, but become less harmful as their interest becomes encompassing enough to suffer the costs. References Unemployment Macroeconomic theories 1988 in economic history Labor relations {{labor-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Macroeconomics
Macroeconomics (from the Greek prefix ''makro-'' meaning "large" + ''economics'') is a branch of economics dealing with performance, structure, behavior, and decision-making of an economy as a whole. For example, using interest rates, taxes, and government spending to regulate an economy's growth and stability. This includes regional, national, and global economies. According to a 2018 assessment by economists Emi Nakamura and Jón Steinsson, economic "evidence regarding the consequences of different macroeconomic policies is still highly imperfect and open to serious criticism." Macroeconomists study topics such as Gross domestic product, GDP (Gross Domestic Product), unemployment (including Unemployment#Measurement, unemployment rates), national income, price index, price indices, output (economics), output, Consumption (economics), consumption, inflation, saving, investment (macroeconomics), investment, Energy economics, energy, international trade, and international finance. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Collective Bargaining
Collective bargaining is a process of negotiation between employers and a group of employees aimed at agreements to regulate working salaries, working conditions, benefits, and other aspects of workers' compensation and rights for workers. The interests of the employees are commonly presented by representatives of a trade union to which the employees belong. The collective agreements reached by these negotiations usually set out wage scales, working hours, training, health and safety, overtime, grievance mechanisms, and rights to participate in workplace or company affairs. The union may negotiate with a single employer (who is typically representing a company's shareholders) or may negotiate with a group of businesses, depending on the country, to reach an industry-wide agreement. A collective agreement functions as a labour contract between an employer and one or more unions. Collective bargaining consists of the process of negotiation between representatives of a union and em ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trade Union
A trade union (labor union in American English), often simply referred to as a union, is an organization of workers intent on "maintaining or improving the conditions of their employment", ch. I such as attaining better wages and benefits (such as holiday, health care, and retirement), improving working conditions, improving safety standards, establishing complaint procedures, developing rules governing status of employees (rules governing promotions, just-cause conditions for termination) and protecting the integrity of their trade through the increased bargaining power wielded by solidarity among workers. Trade unions typically fund their head office and legal team functions through regularly imposed fees called ''union dues''. The delegate staff of the trade union representation in the workforce are usually made up of workplace volunteers who are often appointed by members in democratic elections. The trade union, through an elected leadership and bargaining committee, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monopoly
A monopoly (from Greek language, Greek el, μόνος, mónos, single, alone, label=none and el, πωλεῖν, pōleîn, to sell, label=none), as described by Irving Fisher, is a market with the "absence of competition", creating a situation where a specific person or company, enterprise is the only supplier of a particular thing. This contrasts with a monopsony which relates to a single entity's control of a Market (economics), market to purchase a good or service, and with oligopoly and duopoly which consists of a few sellers dominating a market. Monopolies are thus characterized by a lack of economic Competition (economics), competition to produce the good (economics), good or Service (economics), service, a lack of viable substitute goods, and the possibility of a high monopoly price well above the seller's marginal cost that leads to a high monopoly profit. The verb ''monopolise'' or ''monopolize'' refers to the ''process'' by which a company gains the ability to raise ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lars Calmfors
Lars Calmfors (born 12 July 1948 in Stockholm) is a Swedish economist and professor of international economics at the Institute for International Economic Studies at Stockholm University. He received his Ph.D. from the Stockholm School of Economics in 1978. He headed the official Swedish Government Commission on the Economic and Monetary Union of the European Union, EMU, which in 1996 recommended to wait with introducing the euro. In 2003 when Sweden held a referendum on whether to join the EMU, Calmfors advocated in favor of joining. Calmfors has been a member of the Royal Swedish Academy of Engineering Sciences since 1993, the Royal Swedish Academy of Sciences since 1995, and a chairman of the Committee for the Prize in Economic Sciences in Memory of Alfred Nobel 1996–1998 and 2003–2007. Between 2007 and 2011 he was the president of the Swedish Fiscal Policy Council, whose task is to evaluate Swedish economic policy. References External linksCalmfors' webpage at Universit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John Driffill
Edward John Driffill is a professor of economics at Yale-NUS College, specialising in international macroeconomics and labour economics. With Lars Calmfors, he is the creator of the Calmfors–Driffill hypothesis. Driffill received his MA from Cambridge University and his PhD from Princeton University. From 1976 to 1989 he lectured at Southampton University. Appointed professor at Queen Mary and Westfield College , mottoeng = With united powers , established = 1785 – The London Hospital Medical College1843 – St Bartholomew's Hospital Medical College1882 – Westfield College1887 – East London College/Queen Mary College , type = Public researc ... in 1990, he returned to Southampton University as Professor in 1992, and became professor at Birkbeck in 1999. He is currently a visiting economics professor, acting as the head of studies of Politics, Philosophy, and Economics (PPE) at Yale-NUS College in Singapore. He is ranked top 5% author on the website IDEAS on se ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Policy (journal)
''Economic Policy'' is a quarterly peer-reviewed academic journal published by Oxford Academic on behalf of the Centre for Economic Policy Research, the Center for Economic Studies ( University of Munich), and the Paris School of Economics. The journal was established in 1985 and covers international economic policy topics such as macroeconomics, microeconomics, the labour market, trade, exchange rate In finance, an exchange rate is the rate at which one currency will be exchanged for another currency. Currencies are most commonly national currencies, but may be sub-national as in the case of Hong Kong or supra-national as in the case of ..., taxation, economic growth, government spending, and migration. The journal had an impact factor of 2.844 in 2016, ranking it 33/347 in the category "Economics". References External links * {{Official website, https://academic.oup.com/economicpolicy Wiley-Blackwell academic journals English-language journals Publi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mancur Olson
Mançur Lloyd Olson Jr. (; January 22, 1932 – February 19, 1998) was an American economist and political scientist who taught at the University of Maryland, College Park. His most influential contributions were in institutional economics, and in the role which private property, taxation, public goods, collective action, and contract rights play in economic development. Early life and education Olson was born on January 22, 1932, in Grand Forks, North Dakota, to a family of Norwegian immigrants. He grew up on a farm near Buxton, North Dakota, next to the state border with Climax, Minnesota. Olson claimed that his given name, Mançur, was common throughout Scandinavian-immigrant communities in North America and was a variation of the Arabic name Mansoor. Olson graduated from North Dakota State University in 1954 and was a Rhodes Scholar at University College, Oxford until 1956, before earning a PhD in economics from Harvard in 1963. He also served in the U.S. Air Force for two ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Unemployment
Unemployment, according to the OECD (Organisation for Economic Co-operation and Development), is people above a specified age (usually 15) not being in paid employment or self-employment but currently available for Work (human activity), work during the reference period. Unemployment is measured by the unemployment rate, which is the number of people who are unemployed as a percentage of the labour force (the total number of people employed added to those unemployed). Unemployment can have many sources, such as the following: * new technology, technologies and inventions * the status of the economy, which can be influenced by a recession * competition caused by globalization and international trade * Policy, policies of the government * regulation and market (economics), market Unemployment and the status of the economy can be influenced by a country through, for example, fiscal policy. Furthermore, the monetary authority of a country, such as the central bank, can influ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Macroeconomic Theories
Macroeconomics (from the Greek prefix ''makro-'' meaning "large" + ''economics'') is a branch of economics dealing with performance, structure, behavior, and decision-making of an economy as a whole. For example, using interest rates, taxes, and government spending to regulate an economy's growth and stability. This includes regional, national, and global economies. According to a 2018 assessment by economists Emi Nakamura and Jón Steinsson, economic "evidence regarding the consequences of different macroeconomic policies is still highly imperfect and open to serious criticism." Macroeconomists study topics such as GDP (Gross Domestic Product), unemployment (including unemployment rates), national income, price indices, output, consumption, inflation, saving, investment, energy, international trade, and international finance. Macroeconomics and microeconomics are the two most general fields in economics. The United Nations Sustainable Development Goal 17 has a target to enhanc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
