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A Revealing Window on the U.S. Economy in Depression and War: Hours Worked, 1929–1950
By Robert Higgs
This article appeared in the Summer 2009 issue of The Independent Review


Abstract

Focusing on a seldom-considered measure of employment—hours worked—enables a better understanding of the U.S. economy during the Great Depression and World War II. This approach not only proves that the New Deal failed to bring about full economic recovery, but also suggests that the “miraculous” wartime increase in real output has been greatly exaggerated.



Other Independent Review articles by Robert Higgs
    Fall 2014   Ronald Coase, Anomalous Superstar of the Economics Profession
    Summer 2014   The Fed’s Immiseration of People Who Live on Interest Earnings
    Spring 2014   The Salmon Trap: An Analogy for People’s Entrapment by the State
[View All (47)]


Volume 14 Number 1
Summer 2009

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