Columbia's Phelps on Unions, Collective Bargaining

Feb. 25 (Bloomberg) -- Edmund Phelps, who won the Nobel Prize for economics in 2006 and directs the Center on Capitalism and Society at Columbia University, talks about the role of unions in U.S. society and the challenge of closing state budget deficits. Wisconsin’s Assembly passed Governor Scott Walker’s limits on the collective-bargaining power of government workers’ unions, ending a debate that began Feb. 22, while Senate Democrats remained out of state to block the bill. Phelps talks with Carol Massar and Matt Miller on Bloomberg Television's "Street Smart." (Source: Bloomberg)