Greenhouse, S. (2002, November 25). Both sides see gains in port agreement. New York Times Online. Retrieved from the Internet on 2002-11-25 at: http://www.nytimes.com/ 2002/11/25/national/25PORT.html? Section One: Economic Concept Discussed in Article
This article deals specifically with the settlement of the West Coast ports strike in the United States. Estimates were that the strike caused $1 billion damage to the United States economy for each day it continued. The settlement reached between the dock workers and the dock operators involved tradeoffs that satisfied the needs of both parties.
The principle economic concept discussed in the article was indifference. The tradeoffs allowed each party the dock workers and the dock operators to reach a point where the combination of the concessions they received and the concessions that had to make reached equilibrium at the point on the indifference curve where they could accept the settlement.
Section Two: Economic Theory Involved
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