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
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?