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Wages and Employment in Britain Between the Wars: Quarterly Evidence from the Shipbuilding Industry

journal contribution
posted on 2023-06-08, 08:45 authored by Ian Gazeley, Patricia Rice
The traditional view that the Great Depression of 1930-1932 arose from a collapse in aggregate demand has been challenged recently by economists who argue that the fundamental causes lay on the supply side of the market. This paper examines these issues in the context of the shipbuilding industry. A model of the determination of price, output, and employment is developed and estimated using quarterly data for the industry. The results support the view that a negative demand shock in the form of a sharp fall in the volume of world trade led to the sharp decline in output. In the case of shipbuilding, the impact on employment was exacerbated by nominal wage developments.

History

Publication status

  • Published

Journal

Explorations in Economic History

ISSN

00144983

Publisher

Explorations in Economic History

Issue

3

Volume

33

Page range

298-318

ISBN

0014-4983

Department affiliated with

  • History Publications

Full text available

  • No

Peer reviewed?

  • Yes

Legacy Posted Date

2012-02-06

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