Chapter XIX: Do Unions Really Raise Wages? - Unions do not increase real wages at all. The belief that they do is based on multiple delusions. The error most responsible for the delusions is considering what a rise of wages brought about by union demands means in the short run for the workers who retain their jobs, while failing to trace the effects of this advance on employment, production, and the living costs of all workers, including those who forced the increase.
Chapter XX: “Enough to Buy Back the Product” – The Marxists and the purchasing-power school insist that the only wages that will prevent an economic crash are wages that will enable labor “to buy back the product it creates.” The Marxist and purchasing-power schools attribute
Chapter XX: “Enough to Buy Back the Product” – The Marxists and the purchasing-power school insist that the only wages that will prevent an economic crash are wages that will enable labor “to buy back the product it creates.” The Marxist and purchasing-power schools attribute