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Review of Radical Political Economics
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Golden Age and Golden Rule in Unionized Economies

Henrik Vetter

Aarhus University Library, Universitetsparken, DK 8000 Aarhus C, hv{at}statsbiblioteket.dk

Golden Age and Golden Rule growth paths exemplify different ways to distribute income. In a recent article, Frank Thompson describes the difference between the two. In particular, the Golden Age is characterized by conflict between capital owners and workers. Despite this, workers act competitively; they are passive, taking whatever wage they are offered. In this extension and reexamination of Thompson’s results, we assume that workers organize in a union when there is conflict with capitalists.

Key Words: wages • compensation • unions

Review of Radical Political Economics, Vol. 39, No. 1, 100-107 (2007)
DOI: 10.1177/0486613406296930
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