So, in this hypothetical, the sector-wide union is preventing individuals who learn to create an additional $50K/yr in value from realizing the increase in pay which would otherwise accrue to them?
In return for wasting training on employees that will leave for other companies, the company is getting its employees trained for free by other companies in the same way. In aggregate everyone wins because employees now get training.
The union is ensuring that no company can ruin it for everyone.
Yeah, or at least they aren’t able to capture the entire $50k/year in value. It kind of sounds bad but it’s a trade and there has to be something in it for both sides for it to happen.
