Focusing on a seldom-considered measure of employmenthours workedenables 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|
|Winter 2016||Ludwig von Mises and Dietrich von Hildebrand: Some Remarkable Parallels|
|Fall 2015||How Big Is Government in the United States?|
|Summer 2015||Gross Domestic Productan Index of Economic Welfare or a Meaningless Metric?|
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