The Supply Price Of Labor During The Great Depression
AbstractThis 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.
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Bibliographic InfoArticle provided by Cambridge University Press in its journal The Journal of Economic History.
Volume (Year): 61 (2001)
Issue (Month): 04 (December)
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- Christian Haefke & Marcus Sonntag & Thijs van Rens, 2012.
"Wage Rigidity and Job Creation,"
629, Barcelona Graduate School of Economics.
- Christian Haefke & Marcus Sonntag & Thijs van Rens, 2009. "Wage Rigidity and Job Creation," Kiel Working Papers 1504, Kiel Institute for the World Economy.
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- 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.
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