Out of Work: Unemployment and Government in Twentieth-Century America

By Richard Vedder; Lowell Gallaway | Go to book overview

1

The Unemployment Century

Of the five centuries during which the United States has been settled by Europeans, in only one, the twentieth century, has unemployment been a dominant political and economic issue. Whereas in nineteenth-century America passions erupted over inflation and deflation, tariffs and taxes, slavery, the disposition of public lands, central banking, and the regulation of monopolies, public debate about the "unemployment problem" was sporadic and localized. Indeed, the word "unemployment" did not even exist during most of the century, and when Alfred Marshall wrote the definitive nineteenth-century treatise on economics in 1890, he mentioned the word on but one page. 1

By contrast, unemployment became the dominant economic issue of the twentieth century both within the academy and in the realm of public policy. During the 1890's, there were but two articles dealing with the issue in serious journals of economics and statistics; by the 1930s, scores of papers were published discussing the measurement, determinants, and effects of unemployment. 2 While in the last presidential election of the nineteenth century, that of 1896, the central economic issue was monetary policy and the gold standard, by 1932 unemployment had moved center stage.

Rising public concern over unemployment led to political pressure to "do something" about the unemployment problem. Even in the first decade of the new century, the unemployment arising out of the panic of 1907 led to cries to eliminate the root cause of financial instability. This, in turn, ultimately led to the Federal Reserve Act, the first major federal involvement in macroeconomic intervention. A few years later, during the 1920-22

-1-

Notes for this page

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this book

This book has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this book

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this page

Cited page

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited page

Bookmark this page
Out of Work: Unemployment and Government in Twentieth-Century America
Table of contents

Table of contents

  • Out of Work *
  • About the Authors *
  • Contents *
  • Foreword viii
  • Preface xii
  • 1 - The Unemployment Century 1
  • 2 - Unemployment in Theory 13
  • 3 - The Neoclassical/Austrian Approach: an Overview 31
  • 4 - The Gilded Age 53
  • 5 - From New Era to New Deal 74
  • 6 - The Banking Crisis and the Labor Market 112
  • 7 - The New Deal 128
  • 8 - The Impossible Dream Come True 150
  • 9 - The Gentle Time 176
  • 10 - The Camelot Years 194
  • 11 - Pride Goeth before a Fall 209
  • 12 - The Winds of Change 226
  • 13 - The Natural Rate of Unemployment 246
  • 14 - Who Bears the Burden of Unemployment? 268
  • 15 - Unemployment and the State 288
  • Appendix 298
  • Bibliography 308
  • Index 329
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this book

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen
/ 336

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.