ECON 2200 Lecture Notes - Lecture 19: Human Capital, Domestic Worker, Europe 1
14 May 2018
School
Department
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ECON 2200
Lecture 19
• Low unemployment
o 1923-1929: average unemployment rate 3.3%
1. Cyclical unemployment at or very near zero
• Average hours/week falling
o By 1929: 48-hr week in most jobs, but 44-hr week increasingly
common
1. Note Ford’s introduction of the 40-hour workweek at his
plant in the teens
Also, Ford started paying workers $5 a day (almost
double what others paid)
• Increases in human capital – workers’ skills and abilities
o The “High School Movement” (Table 22.2)
1. 1920s: Emergence of American High School as a
separate school with diverse curricula, changing classes
(1st, 2nd, 3rd period), extra-curricular activities and sports
2. Enrollment increased
US was the leader among industrialized nations in
making high school attendance the norm
3. Graduation rate increased
1938: 48.2 percent (55.9 percent for non-southern
states)
Southern states were behind
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Document Summary
Also, ford started paying workers a day (almost double what others paid) Us was the leader among industrialized nations in making high school attendance the norm: graduation rate increased. 1938: 48. 2 percent (55. 9 percent for non-southern states) People are more likely to fund public schools if they know the people that would benefit. There was a closer sense of community in the rural mid-west and they were more likely to support the schools. Community support for schools and the willingness to pay for them was strongest in areas where social cohesion was strongest. Immigration legislation: 1921 & 1924: these laws placed limits on both the total # of immigrants annually, and the % of immigrants from a given country (placed. Country quotes"): racism, particularly, prejudice with regard to the new pool (types) of immigrants from asia, south europe (russia) and.
