“The leaders of the union behind New York's crippling mass transit strike met transit authorities on Thursday for the first face-to-face talks since workers walked out on the job two days ago, local media said…. Toussaint, meanwhile, offered to call off the strike – but only if the MTA pulls its controversial pension proposal off the table.” (New York Daily News, Thursday)
What is euphemistically called collective bargaining by union leaders and “pro-labor” legislation is bargaining at the point of a gun. It is bargaining between an armed party, ready to use its weapons, and an unarmed party under duress. It is not a market transaction. — Ludwig von Mises
FEE Timely Classic
“Labor Unions” by Ludwig von Mises