NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Three-And-A-Half Million U.S. Employees Have Been Mislaid: Or, An Explanation of Unemployment, 1934-1941

Michael R. Darby

NBER Working Paper No. 88
Issued in May 1975

---- Acknowledgements -----

The author hopes that Bob Gordon will forgive the obvious recycling of his original (1969) title and that this recycling does not seriously reduce the total stock of titles (see Darby, 1973). Perceptive questioning by James C. Lothian and comments by Anna Schwartz wrested the admission that my theoretical framework could not explain the high unemployment rates of 1934 through 1941 unless millions of people were gainfully employed as "unemployed." Thinking of generous unemployment insurance, I had no idea that my hyperbole would prove literally correct. Mrs. Schwartz's incomparable knowledge of data resources provided the key references. The regression was run on the NBER's Troll system by Nurhan Helvacian.

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