Abstract
The proper measurement of unemployment during the 1930's with respect to the classification of relief workers has recently been questioned. This study explores that issue, leading to a number of substantive issues about the operation of the U.S. economy in the Great Depression. Both historical and econometric evidence are utilized. The notion of full displacement of private-sector and other public employment by relief work is rejected. The conditions of excess demand for jobs, numerous “look-alike” unemployed, sticky wage adjustment, and sales-constrained firms are found to undermine the validity of the anticipations-search model and the natural-rate hypothesis for this period.
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