This paper identifies three major periods: 1900-1929, 1929-1965, and 1965-1978. In contrast to the middle period, the extreme periods are characterized by rapid growth in private employment and hours worked; because growth in private productivity increases by less, measured labor productivity...

The balance of payments, changes in our terms of trade, and other foreign influences are widely believed to be a major, if not the dominant, cause of U.S. inflation. This is possible only if the international economy has caused a significant increase in the growth rate of the nominal quantity of...

A major conceptual error in the standard BLS and Lebergott unemployment estimates for 1933-1943 is reported. Emergency workers (employees of federal contracyclical programs such as WPA) were counted as unemployed on a normal-jobs-to-be-created instead of job-seekers unemployment definition. For...