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Government Intervention

In his opinion commentary in the New York Post on October 22,   Richard Epstein highlights a looming example of government intervention that is sure to create further havoc in the market.  This time it will be the market for labor.  After pointing out the historical decline in the proportion of unionized workers from more than one-third of the labor force to less than ten percent over the last fifty years, he comments:

"The early days of an Obama administration will likely see passage of the so-called Employer Free Choice Act - which will put a union noose around the neck of every US business, large and small. "

He goes on to argue that the potential increase in unionized workers and related structural rigidities will be particularly damaging to small businesses and likely lead to reduction rather than growth in jobs.  This is not unexpected as intervention in the market usually leads to inefficiencies and curtailment of the benefits that would otherwise entail to the economy.

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