inividual project-phase 5 ip

In the article entitled "The Economic Effects of Labor Unions Revisited," Vedder and Galloway attempt to prove statistically, using historical data, that labor unions do not have a good effect on the economy. Read the article, and explain the following microeconomic concepts that the authors discuss and how they are related to unions:

·         Demand, supply, and equilibrium wage rates of labor

·         Unemployment

·         Real GDP and economic growth

·         Income per capita

·         Population growth and aging

·         The article focuses on harmful economic effects, but also mentions some positive aspects. What are they?