This podcast is all about labor unions – why they exist, their history in the U.S., a brief comparison with unions in other countries, the pros and cons of unions, and the larger political implications of their existence.

This is a controversial topic in U.S. politics, with many voters (and most elected officials) falling squarely into the “pro-union” or “anti-union” camp. But as with most issues, the truth is much more nuanced and complicated. Labor unions in the U.S. formed – and largely still exist – because of failures in market capitalism. As discussed in our very first podcast, capitalism is based on a number of principles to ensure resources are most efficiently allocated, but in real life those principles are rarely met. This is particularly pronounced in the labor market, which is fraught with friction and often monopsony employers.

Building off the prior podcast on learning from the past, this discussion is all about success and failure. We all know the common wisdom that we all learn more from failure than from success, but of course we don’t strive to fail all of the time!