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| Depression (Psychology) | 1 |
| Labor | 1 |
| Persistence | 1 |
| Unions | 1 |
| Wages | 1 |
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| Journal of Political Economy | 1 |
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| Cole, Harold L. | 1 |
| Ohanian, Lee E. | 1 |
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| Journal Articles | 1 |
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| United States | 1 |
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Peer reviewedCole, Harold L.; Ohanian, Lee E. – Journal of Political Economy, 2004
There are two striking aspects of the recovery from the Great Depression in the United States: the recovery was very weak, and real wages in several sectors rose significantly above trend. These data contrast sharply with neoclassical theory, which predicts a strong recovery with low real wages. We evaluate the contribution to the persistence of…
Descriptors: Wages, Persistence, Labor, Depression (Psychology)
