U.S. Labor Movement

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Question 1. In 1986, the world price of oil dropped sharply. Since the USA, at that time, was an oil- importing country, this was considered good for the U.S. economy. However, in Texas, that year there was a profound recession. Why?

Answer :

Louisiana and Texas, both the states are engaged in the production of oil. A reduce at the price of oil will affect the owners of the states who have invested huge amounts and also hurt the workers working in the oil industry. Some of the capital can be migrated to other sectors; a major fraction of the capital is specific for the oil industry (Goldberg et al., 2008). Further some workers have developed their skills specifically for oil industry whereas some worker does possess skills that are useful in other sectors too. Therefore, it can be said that such a transition will cost in terms of time and money.

Question 2. The U.S. labor movement—which mostly represents blue-collar workers—has traditionally favored limits on imports from less-affluent countries. Is this a short-sighted policy or a rational one in view of the interests of union members? How does the answer depend on the model of trade?

Answer :

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As per the Richardian model, purchasing power f the labor increases with the increase in trade. This research indicates that the labor union will demand a reduction of imports from less affluent countries since this makes them or their coming generation poorer. The purchasing power of the labor may rise for a particular commodity and it may decline for the other commodity. Immobility factors create trouble in the short run. As per the Heckscher-Ohlin (HO) model, the model directly addresses the impact of trade directly to the owners of the factors of production. As per this model, free trade will affect the real income of U.S. Laborers. It predicts that the labor unions will ask for restrictions on imports.

Question 3. Consider the following international transactions, assuming that you are from the UK. The structure of the Balance of Payments (BoP), as seen in the webinar, is reported in Table 1. Suppose that we want to input the transactions in the UK Balance of Payments. Complete Table 2 indicating how each transaction would be reported in the UK BoP.

Answer :

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