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Bibliographic Data
| ID | 6251499 |
|---|---|
| Authors | J Bradford De Long (Federal Reserve Bank of San Francisco, corresponding author) |
| Year | 1998 |
| Volume | 12 |
| Issue | 1-2 |
| Pages | 59-69 |
| Publication date | 1998-01-01 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | Critical Review (JOURNAL) |
| Journal identifiers | ISSN: 0891-3811 • E-ISSN: 1933-8007 |
| Publisher | Informa UK Limited (PUBLISHER • GB) |
| DOI | 10.1080/08913819808443484 |
| OpenAlex | W2134441713 |
| Language | EN |
| Citations received | 5 |
| References cited | 10 |
Vedder and Gallaway are mistaken in their attempted demonstration that government policies to raise real wages have been the source of most or all U.S. unemployment in the twentieth century. Their case depends on a presumed correlation between high unemployment and high real wages that has not existed since World War II, and on a naive confusion between correlation and causation: just because real wages and unemployment were both relatively high during the Great Depression does not mean that high real wages were the cause of high unemployment. More likely, the reverse is true. The ascription of high unemployment to higher‐than‐equilibrium real wages is not always in error. But there is no reason whatsoever to believe Vedder and Gall‐away's claim that the government's policies to raise wages have been “the major cause of high unemployment in the United States
Causation · Confusion · Discouraged worker · Economics · Full employment · Government (linguistics · Keynesian economics · Labour economics · Macroeconomics · Political science · Psychoanalysis · Unemployment · Unemployment rate · Work (physics · Economic Theory and Institutions · Economic Theory and Policy · Law · Monetary Policy and Economic Impact · Psychology
The general theory of employment, interest, and money
The theory of unemployment reconsidered
Measuring the Cyclicality of Real Wages
The Theory of Unemployment Reconsidered
Real Wages over the Business Cycle
Real Wages over the Business Cycle
The Effect of Implicit Contracts on the Movement of Wages Over the Business Cycle
Relative Movements of Real Wages and Output
Changes in Real and Money Wages
The Movement of Real and Money Wage Rates
| Unique citing works | 5 |
|---|---|
| Citations per year | 0,18 |
| Citation span | 1998 - 2005 (8) |
| Citation velocity | historical |
| Highly cited | No |
| Citation types | Neutral: 5 |