Making Markets
Episode 21 The Case for Labor Unions
Making Markets

Episode 21: The Case for Labor Unions

Making Markets

Episode 21

The Case for Labor Unions

Paul Goodrich is the Vice President of Laborers' Union Local 151. We cover the need for labor unions, the mechanics of how they operate, and public versus private unions.

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(00:00:00) - Welcome to Making Markets

(00:02:45) - First Question - Paul's Journey into Labor Unions

(00:04:22) - The Impact of Labor Unions

(00:06:46) - Understanding the Mechanics of Private Labor Unions

(00:08:10) - The Economics of Union Labor: Balancing Wages, Benefits, and Market Dynamics

(00:14:34) - Perception vs. Reality of Union Labor

(00:20:32) - The Importance of Unions in Today's Economy

(00:28:46) - Comparing Unionization Across Industries

(00:33:21) - Navigating Non-Union Challenges and Political Leverage

(00:34:34) - The Role of State and Local Legislation

(00:35:51) - Labor Market Dynamics Post-COVID and the Future of Trades

(00:39:10) - The Decline of Private Unions and the Rise of Public Unions

(00:46:00) - The Complex Landscape of Public Pensions and Financial Sustainability

(01:00:49) - The Future of Unionization

The Case  for Labor Unions

Introduction

Eric
My guest today is Paul Goodrich. Paul has spent his career organizing labor unions and fighting for labor rights. Today, he is the Vice President of Laborers' Local Union 151, a Massachusetts-based labor union for construction workers. In this episode, he makes a persuasive case for why we need labor unions and shows us the nuts and bolts of how they operate. Coming from Wall Street, I have my own bias and skepticism about unions. It was very interesting and educational for me to hear from the other side. Please enjoy this conversation with Paul Goodrich.

Paul's Backstory

Eric
I'm excited to talk about labor unions, wages, the employment market. And I think a good place to start would be how did you get into working for labor unions? I don't know how someone ends up in that field.

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