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Real Wages and Unemployment in Britain during the 1930s

Author

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  • Dimsdale, N H
  • Nickell, Stephen J
  • Horsewood, N

Abstract

This paper explains shifts in the level of economic activity in Britain in the interwar period, particularly from 1928 to 1937, and relates these to movements in the real wage. The authors' general thesis is that the real wage follows a path that is perfectly consistent with the recession of the early 1930s being instigated, in the main, by demand shocks. Supply-side factors are only of minor significance. Copyright 1989 by Royal Economic Society.

Suggested Citation

  • Dimsdale, N H & Nickell, Stephen J & Horsewood, N, 1989. "Real Wages and Unemployment in Britain during the 1930s," Economic Journal, Royal Economic Society, vol. 99(396), pages 271-292, June.
    • Handle: RePEc:ecj:econjl:v:99:y:1989:i:396:p:271-92
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    Cited by:

    1. Jason Lennard, 2023. "Sticky wages and the Great Depression: evidence from the United Kingdom," European Review of Economic History, Oxford University Press, vol. 27(2), pages 196-222.
    2. Barry Eichengreen, 2011. "Crisis and Growth in the Advanced Economies: What We Know, What We Do not, and What We Can Learn from the 1930s," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 53(3), pages 383-406, September.
    3. Ed Butchart, 1997. "Unemployment and Non-Employment in Interwar Britain," Oxford Economic and Social History Working Papers _016, University of Oxford, Department of Economics.
    4. Klein, Alexander & Otsuy, Keisuke, 2013. "Efficiency, Distortions and Factor Utilization during the Interwar Period," CAGE Online Working Paper Series 147, Competitive Advantage in the Global Economy (CAGE).
    5. Foreman-Peck, James & Hughes Hallett, Andrew & Ma, Yue, 2000. "A monthly econometric model of the transmission of the Great Depression between the principal industrial economies," Economic Modelling, Elsevier, vol. 17(4), pages 515-544, December.
    6. Timothy J. Hatton & Mark Thomas, 2012. "Labour Markets in Recession and Recovery: The UK and the USA in the 1920s and 1930s," CEH Discussion Papers 001, Centre for Economic History, Research School of Economics, Australian National University.
    7. Graafland, J.J., 1991. "From Phillips curve to wage curve," MPRA Paper 21077, University Library of Munich, Germany.
    8. Alex Klein & Keisuke Otsu, 2013. "Efficiency, Distortions and Factor Utilization during the Interwar Period," Studies in Economics 1317, School of Economics, University of Kent.
    9. Hart, Robert A, 2001. "Hours and Wages in the Depression: British Engineering, 1926-1938," Explorations in Economic History, Elsevier, vol. 38(4), pages 478-502, October.
    10. Bertil Holmlund, 2013. "Wage and employment determination in volatile times: Sweden 1913-1939," Cliometrica, Journal of Historical Economics and Econometric History, Association Française de Cliométrie (AFC), vol. 7(2), pages 131-159, May.
    11. Barry Eichengreen & Olivier Jeanne, 2000. "Currency Crisis and Unemployment: Sterling in 1931," NBER Chapters, in: Currency Crises, pages 7-43, National Bureau of Economic Research, Inc.
    12. Eric Bengtsson & Engelbert Stockhammer, 2018. "Wages, income distribution and economic growth in Scandinavia," Working Papers PKWP1811, Post Keynesian Economics Society (PKES).
    13. Timothy J. Hatton & Mark Thomas, 2010. "Labour markets in the interwar period and economic recovery in the UK and the USA," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 26(3), pages 463-485, Autumn.
    14. Gunnar Bårdsen & Jurgen Doornik & Jan Tore Klovland, 2004. "A European-type wage equation from an American-style labor market: Evidence from a panel of Norwegian manufacturing industries in the 1930s," Working Paper 2004/8, Norges Bank.
    15. Ed Butchart, 1997. "Unemploymentand Non-Employment in Interwar Britain," Economics Series Working Papers 1997-W16, University of Oxford, Department of Economics.
    16. Chouliarakis, George, 2003. "Unemployment and Capital Accumulation in Interwar Britain," Economics Discussion Papers 8864, University of Essex, Department of Economics.
    17. Torberg Falch, 2001. "Decentralized Public Sector Wage Determination: Wage Curve and Wage Comparison for Norwegian Teachers in the Pre‐WW2 Period," LABOUR, CEIS, vol. 15(3), pages 343-369, September.
    18. Gunnar Bårdsen & Jurgen A. Doornik & Jan Tore Klovland, 2010. "Wage Formation and Bargaining Power during the Great Depression," Scandinavian Journal of Economics, Wiley Blackwell, vol. 112(1), pages 211-233, March.
    19. Nicholas Dimsdale & Nicholas Horsewood, 2009. "The dynamics of consumption and investment in the late Victorian economy," Working Papers 9007, Economic History Society.
    20. Robert A. Hart & J. Elizabeth Roberts, 2013. "Real wage cyclicality and the Great Depression: evidence from British engineering and metal working firms," Oxford Economic Papers, Oxford University Press, vol. 65(2), pages 197-218, April.
    21. Nicholas Dimsdale & Nicholas Horsewood, 2012. "The impact of the Great Depression of the 1930s on the British economy," Working Papers 12028, Economic History Society.

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