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

By Richard Vedder; Lowell Gallaway | Go to book overview

9

The Gentle Time

Subsequent to the unexpectedly easy transition from war to peace that followed the cessation of hostilities in World War II, there were three relatively brief perturbations in a sustained period of fairly high levels of economic growth and low levels of unemployment. In 1949, unemployment rose from 3.8 to 5.9 percent but fell back the next year to 5.3 percent and continued to decline to a post-World War II low of 2.9 percent in 1953. After an increase to 5.5 percent in 1954, it hovered in the low 4 percent range for the next three years and then surged to 6.8 percent in 1958. Even with these periodic swings in unemployment, the average unemployment rate for the twelve years 1947-58 was 4.4 percent. Compared to the 1930s, it was a remarkable change.

In particular, the performance of the American economy in these years almost totally destroyed the "stagnationist" arguments of the late 1930s and early 1940s. 1 The post-World War II era had not become a mere reprise of the Great Depression. Why had this happened? A commonly expressed view at the time was that the failure to return to the economic conditions of the 1930s was the product of a remaking of the American economy. For example, Alvin Hansen, described by Arthur Okun as being "generally regarded as the dean of American Keynesian economists," 2 argued this view as early as 1957. His thesis was a simple one. The difference in the American economy, beginning with the outbreak of war in Europe in 1939, was the presence of adequate aggregate demand. 3 Furthermore, the stimulus for the provision of adequate aggregate demand had come from the Keynesian revolution. The mythology of the success of the Keynesian

-176-

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.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

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?

Help
Full screen
/ 336

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access 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.

    Buy instant access to save your work.

    Already a member? Log in now.

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.