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Evolution of the Labor Market, April 10, 2006
Summary: An outstanding article by Daniel Akst in the Sunday New York Times on 4/2/06 described how G.M. reached its present dire straights forced me to rethink how the evolution of the labor market played a key role in this process. The Akst article makes the case that management and labor acted in concert to avoid strife by agreeing to overly generous wage agreements that in time came back to haunt the industry. After some reflection, I've concluded that management could (and should) have fought harder to hold labor costs down and labor really could not have behaved much differently than it did. So, I would place more blame on management, not equally on labor. More importantly, the outcome is the same: organized labor is losing power and is rapidly becoming impotent.
An outstanding article by Daniel Akst in the Sunday New York Times on 4/2/06 described how G.M. reached its present dire straights forced me to rethink how the evolution of the labor market played a key role in this process. The Akst article makes the case that management and labor acted in concert to avoid strife by agreeing to overly generous wage agreements that in time came back to haunt the industry. After some reflection, I've concluded that management could (and should) have fought harder to hold labor costs down and labor really could not have behaved much differently than it did. So, I would place more blame on management, not equally on labor. More importantly, the outcome is the same: organized labor is losing power and is rapidly becoming impotent.
Akst's views are well captured by just a few of his thoughts. "Giving new meaning to the...
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This section contains 1,174 words (approx. 4 pages at 300 words per page) |
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