Monopsony Labour Markets

A key part of our syllabus relates to understanding the relationship between the competitiveness of labour markets and the impact this has on wage rates and levels of employment. It is also to important to understand the nature of the market in terms of the welfare of workers.

The junior doctors dispute is a good example of how unionised labour can seek to balance the relationship between large monopsony employers like the NHS and those who work in such markets.

http://www.theguardian.com/society/2016/feb/23/junior-doctors-announce-three-48-hour-strikes

How do you think the situation will be resolved?

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