2023-09-28 14:46:10 +00:00
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abstract: 'This paper examines the equilibrium optimality with consumption-induced
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social comparisons in a unionized economy which entails unemployment. We
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show that social comparisons of consumption lead to excessive labor
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supply for employed workers, but trade unionism results in
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under-employment. When conspicuous consumption meets trade unionism, the
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labor force exhibits an ``intensive margin{''''} under which the excessive
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labor supply caused by social comparisons of consumption is restrained
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by unionization. Conspicuous consumption can then achieve the social
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sub-optimum, without a need for government intervention, creating no
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distortions in consumption, capital accumulation, and output in a
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competitive equilibrium. When social comparisons in consumption are more
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intensive, a higher degree of unionization is required for restoring
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optimality. Given a specific degree of social comparison in consumption,
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a higher degree of unionization is socially desirable if the output
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elasticity of labor, the elasticity of labor supply, or the elasticity
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of substitution between working hours and employment is high. By
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contrast, a lower degree of unionization is socially desirable when the
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trade union displays a more favorable orientation toward wages. By
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shedding light on the role of trade unionism, our study also provides a
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reconciliation of the disparity between the theoretical prediction and
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the empirical findings.'
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affiliation: 'Chang, JJ (Corresponding Author), Acad Sinica, Inst Econ, Taipei 115,
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Nankang, Taiwan.
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Chang, Juin-jen; Wang, Wei-neng, Acad Sinica, Inst Econ, Taipei 115, Nankang, Taiwan.
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Liu, Chia-ying, Aletheia Univ, Dept Econ, Taipei, Taiwan.'
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author: Chang, Juin-jen and Liu, Chia-ying and Wang, Wei-neng
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author-email: jjchang@econ.sinica.edu.tw
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author_list:
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- family: Chang
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given: Juin-jen
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- family: Liu
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given: Chia-ying
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- family: Wang
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given: Wei-neng
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da: '2023-09-28'
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doi: 10.1016/j.jmacro.2018.06.006
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eissn: 1873-152X
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files: []
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issn: 0164-0704
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journal: JOURNAL OF MACROECONOMICS
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keywords: 'Conspicuous consumption; Trade unionism; Intensive/extensive margin of
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labor supply; Social optimum'
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keywords-plus: 'SOCIAL-STATUS; ECONOMIC-GROWTH; LEISURE; EMPLOYMENT; JONESES;
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EXTERNALITIES; EFFICIENCY; NETWORKS; TAXATION; INCOME'
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language: English
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month: SEP
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number-of-cited-references: '50'
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pages: 350-366
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papis_id: 4bebac4d7f9e5a48a5afe42ee0c2bda6
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ref: Chang2018conspicuousconsumpti
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researcherid-numbers: Chang, Juin-Jen/ABD-9235-2022
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times-cited: '1'
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title: Conspicuous consumption and trade unionism
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2023-10-01 08:15:07 +00:00
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type: article
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2023-09-28 14:46:10 +00:00
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unique-id: WOS:000445989000022
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usage-count-last-180-days: '0'
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usage-count-since-2013: '9'
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volume: '57'
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web-of-science-categories: Economics
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year: '2018'
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