Comment briefly on the role of collective bargaining in this model

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Order Details
The written essay must be placed in the Economics drop boxes by 1600 on 21 February, 2014. The essay must also be submitted electronically through the LMS by 1500 on 21 February, 2014.
Grading
Students are expected to demonstrate ‘a firm grasp of the principles’ of the labour market, be able to ‘critically evaluate’ the received ways of thinking and also display intellectual curiosity. Thus, the essay, reinforces some Faculty graduate attributes mentioned in the UoS outline. Moreover, points will be given for those essays which display analytical clarity in which good writing and reasoning (visual/algebraic) play an important role.
Other information
You can use the prescribed textbook to aid your exposition, but try to avoid quoting directly from it.
Wider reading is advised, especially in order to appreciate the usefulness as well as limitations of a particular theory. Similar discussions, at times, might figure in the lectures and tutorials.
Borrowing ideas or paraphrasing from articles/books other than the prescribed textbook must be cited and a complete reference provided at the end of the essay.
The word limit for the essay is 1000 words excluding references. Footnotes and endnotes are to be kept to a minimum.
ESSAY QUESTION
In macroeconomic theory, how is the perfectly competitive model used to determine wages and employment? [5 points] Critically evaluate the implicit and explicit assumptions of this model and discuss the limitations of the model. [8 points] Analyse the impact of an expansionary fiscal policy on the employment of labour. [4 points] Finally, comment briefly on the role of collective bargaining in this model. [3 points]
Total points: 20 (final score is out of 15)
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