Economics, Econometrics and Finance
4 years ago

Increased competition lowers unemployment and boosts wages for workers with power.

Working paper series - Institute for Fiscal Studies/Working papers
Product market reforms, labour market institutions and unemployment
Gareth Macartney, Rupert Harrison, Rachel Griffith

Paper Summary

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Product market competition can reduce unemployment, especially in countries with strong labor market institutions. When competition increases, real wages can also go up, but workers with high bargaining power may not benefit as much. This is because competition lowers prices and reduces the extra money workers used to get.