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The Supply Price Of Labor During The Great Depression

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  • Simon, Curtis J.

Abstract

This article presents somewhat-more-direct evidence than has been available on the supply price of labor during the Depression. The new data comprise wages asked from situations-wanted ads for female clerical workers. Between 1929 and 1933 annual average clerical wages asked fell nominally by nearly 58 percent, markedly lower than wages of new or existing employees. Neither changes in labor quality nor self-selection explains the decline. Clerical wages asked fell by roughly the same percentage as did wages paid in agriculture. The data are strongly inconsistent with the market-clearing view of Depression-era labor markets.

Suggested Citation

  • Simon, Curtis J., 2001. "The Supply Price Of Labor During The Great Depression," The Journal of Economic History, Cambridge University Press, vol. 61(4), pages 877-903, December.
    • Handle: RePEc:cup:jechis:v:61:y:2001:i:04:p:877-903_04
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    Cited by:

    1. Casey B. Mulligan, 2005. "Public policies as specification errors," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 8(4), pages 902-926, October.
    2. Haefke, Christian & Sonntag, Marcus & van Rens, Thijs, 2013. "Wage rigidity and job creation," Journal of Monetary Economics, Elsevier, vol. 60(8), pages 887-899.
    3. Ohanian, Lee E., 2009. "What - or who - started the great depression?," Journal of Economic Theory, Elsevier, vol. 144(6), pages 2310-2335, November.
    4. Holt, Andrew Chase, 2024. "Monopsony power in the United States: Evidence from the great depression," Explorations in Economic History, Elsevier, vol. 92(C).
    5. Cunningham Scott & Kendall Todd D, 2011. "Men in Transit and Prostitution: Using Political Conventions as a Natural Experiment," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 11(1), pages 1-20, June.
    6. Hansen, G.D. & Ohanian, L.E., 2016. "Neoclassical Models in Macroeconomics," Handbook of Macroeconomics, in: J. B. Taylor & Harald Uhlig (ed.), Handbook of Macroeconomics, edition 1, volume 2, chapter 0, pages 2043-2130, Elsevier.

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