Institutional Economics and the Theory of What Unions Do

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P rofessors Freeman and Medoff have created quite a stir with What Do Unions Do?—the first substantial pro-union book by economists in decades. The book has drawn an extraordinary amount of (mostly favorable) attention, with articles in magazines such as Business Week and Fortune, a full-scale symposium in Industrial and Labor Relations Review, and coverage in many academic journals. All the at...

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We estimate the relation between union presence and executive compensation using a unique panel of executives in publicly listed US firms during the period 1992-2001. We find evidence that union presence is associated with lower levels of total executive compensation. We find this union effect to be primarily the result of substantially lower stock option awards, and to a lesser extent due to l...

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The publication in 1984 of Richard Freeman and James Medoff’s What Do Unions Do?, which summarized and synthesized results from their broad-based research program, was a landmark in labor economics and industrial relations. What Do Unions Do? quickly changed the subject matter and approach for scholars studying unions. The models (or descriptions) of unions employed by labor economists were ext...

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ژورنال

عنوان ژورنال: SSRN Electronic Journal

سال: 2010

ISSN: 1556-5068

DOI: 10.2139/ssrn.1565660