American unemployment in historical perspective

During the twentieth century, the annual average unemployment rate reported by the Bureau of Labor Statistics data has varied between 1.2 and 24.9 percent. This article, derived from our recent book,Out of Work: Unemployment and Government in 20th Century America, examines and explains variations in unemployment over time. These large fluctuations in unemployment probably account for this century’s obsession with joblessness. Alfred Marshall’sPrinciples of Economics, published in 1890, barely mentions unemployment. Only two short generations later, unemployment was the dominant topic of interest among economists, and the most influential economics book of this century, Keynes’sGeneral Theory of Employment, Interest and Money, was concerned largely with explaining its existence.