Celebrating humanity's flourishing through the spread of capitalism and the rule of law
30 Mar 2020 1 Comment
in business cycles, economic history, great depression, labour economics, labour supply, macroeconomics, unemployment Tags: Australia
From https://www.abs.gov.au/ausstats/abs@.nsf/previousproducts/1301.0feature%20article142001
The unemployment rate then increased rapidly to 19.3% in 1930, before reaching a peak of 29.0% in 1932, in response to the economic conditions of the Great Depression. This unprecedented high rate of unemployment persisted for two years, before the unemployment rate fell rapidly to below 10% by 1937.
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Mar 30, 2020 @ 20:19:14
yes it went from a depression to a recession and did not get below that until the war. due to very stupid initial fiscal policies. There were mildly expansionary policies from about 1934
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