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.
Robert Higgs is Retired Senior Fellow in Political Economy, Founding Editor and former Editor at Large of The Independent Review.
American HistoryEconomic History and DevelopmentEconomic PolicyEconomyLabor and EmploymentLaw and Liberty
Other Independent Review articles by Robert Higgs
Fall 2019 Pressure-Release Valves in Participatory Fascism
Winter 2018/19 Two Worlds: Politics and Everything Else
Fall 2018 Against the Whole Concept and Construction of the Balance of International Payments
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