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A Revealing Window on the U.S. Economy in Depression and War: Hours Worked, 1929–1950
By Robert HiggsFocusing 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.
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