Word: hardhatsâ
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Nobel Laureate Paul Samuelson identifies another source of trouble: the power of unions and companies that makes them largely independent of market pressures. To take an egregious example, unemployment among aerospace engineers?or even hardhats???does not affect the behavior of the monopolistic construction unions, which rigidly control access to jobs and concentrate on seeing to it that any of their members who remain at work are well paid. Similarly, Samuelson notes, the law of supply and demand does not exert the same effect on giant companies that it once did on small producers in a simpler economy...
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