Labor productivity during the Great Depression

Michael D. Bordo, Charles L. Evans

Research output: Contribution to journalArticlepeer-review

2 Scopus citations

Abstract

During the 1929-1933 contraction, labor productivity was countercyclical in several manufacturing sectors- evidence consistent with the view that large negative demand shocks pushed the economy down a static, neoclassical production function. This evidence does not readily square with explanations for the contraction emphasizing labor hoarding and increasing returns.

Original languageEnglish (US)
Pages (from-to)41-45
Number of pages5
JournalEconomics Letters
Volume47
Issue number1
DOIs
StatePublished - Jan 1995

All Science Journal Classification (ASJC) codes

  • Finance
  • Economics and Econometrics

Keywords

  • Countercyclical manufacturing
  • Great Depression
  • Labor productivity

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