P. Ferrie, “Change in the Farm Population Through Births, Deaths, and Migration: 1920–1970,” Table Ac414-418 in Carter et al. (2006), http://dx.doi.org/10.1017/ISBN-9780511132971.Ac1-436 (accessed August 19, 2022).

237. Danbom (1991, p. 9); Scott (2006, p. 12). 238. Scott (2006).

239. Selznick (1966, pp. 112–13).

240. Hart (1998, p. 70).

241. McCraw (1971, p. 138).

242. Fishback (2017, p. 1455). Even counting those on work relief as “employed,” unemploy- ment in 1933 was more than 20 percent; 16 percent in 1934; 14 percent in 1935; 10 percent in 1936; and 9 percent in 1937 (Margo 1993, p. 43). Economist generally do not count those on work relief as employed because they were not in fact employed in the private economy. In view of their level of compensation, relief workers have more in common with today’s recipients of unem- ployment benefits.

243. Fishback (2017, p. 1459–60); Field (2012, p. 72).

244. Namorato (1988, p. 45). Tugwell called his idea the Advance Ratio Price Plan.

245. Namorato (1988, p. 63).

246. Namorato (1988, p. 77).

247. Blakey (1967).

248. Leuchtenburg (1963, p. 73).

249. Barber (1996, p. 50).

250. Depew et al. (2013); Whatley (1983).

251. Loth (1958, pp. 204–5).

252. Johnson (1935).

253. Leuchtenburg (1963, pp. 57–58).

254. Schlesinger (1958, p. 108).

255. John Maurice Clark and Paul Douglas, neither of whom could be considered laissez-

faire economists, also made this point (Leuchtenburg 1964, p. 128).

256. John Maynard Keynes, “From Keynes to Roosevelt: our Recovery Plan Assayed,” New

York Times, December 31, 1933, section 8, p. 2. Needless to say, Keynes thought that Roosevelt ought to focus on deficit spending.

257. Schlesinger (1958, pp. 112–15). 258. Taylor (2019, p. 8).

259. Johnson (1935, pp. 250–51). 260. Johnson (1935, p. 264).

261. Taylor (2019, pp. 56–57).

262. Johnson (1935, p. 264).

263. “1,500,000 Cheer Vast NRA Parade; March of 250,000 City’s Greatest; Demonstration

Lasts Till Midnight,” New York Times, September 14, 1933, p. 1. 264. Taylor (2019, pp. 70–72).

265. Chicu et al. (2013).

Notes to Chapter 6 609

266. Hawley (1966, pp. 114–15).

267. Hawley (1966, p. 70).

268. Hawley (1966, p. 83).

269. A. L. A. Schechter Poultry Corp. v. U.S., 76 F. (2d) 617; 295 U.S. 495 (1935). For a lively

account of the legal proceedings and the personalities involved, see Shlaes (2007, chapter 8). 270. Schechter also charged that “in certain provisions, [NIRA] was repugnant to the due process clause of the Fifth Amendment,” but the Court held that having found the law uncon-

stitutional on other grounds, it didn’t have to rule in the merits of this claim.

271. U.S. v. Butler, 297 U.S. 1 (1936).

272. Hawley (1966, pp. 192–93); Leuchtenburg (1963, pp. 172–73). This was, of course, a

period of severe drought in many parts of the country, and the collective-action problems of small farmers had led to the massive soil erosion of the “dust bowl.” These problems were ame- liorated after 1937 by the implementation of soil-conservation districts (Hansen and Libecap 2004). The allotment system had little effect on soil erosion.

273. Bernanke and Gertler (1995); Calomiris and Hubbard (1990).

274. Hunter (1982, p. 884).

275. Graham and Leary (2018, p. 4296). After the war, cash holdings slowly returned to pre-

Depression levels by about 1970.

276. Calomiris and Ramirez (1996, p. 157).

277. Bernstein (1987, p. 53).

278. Bresnahan and Raff (1991, pp. 320–21); Scott and Ziebarth (2015, p. 1103).

279. Bresnahan and Raff (1991).

280. This was so even though continuing plants had lower-than-average labor productivity,

probably because they rendered unemployed fewer workers relative to output declines than did failed firms. The larger firms were engaging in “labor hoarding.”

281. Lee (2015).

282. Bresnahan and Raff (1991, p. 329).

283. Scott and Ziebarth (2015).

284. Bernstein (1987, pp. 134–35).

285. Cooper and Haltiwanger (1993).

286. Field (2012).

287. See also Bakker et al. (2017) and Watanabe (2016).

288. He also cites the supply-side benefits of the build-out of the US highway system in the

1920s. I return to this in the context of rail and trucking below.

289. Field (2012, p. 56).

290. In these models, product innovation is compressed into process innovation. Whereas

process innovation is the ability to produce an existing product at lower costs, product innova- tion is represented as the ability to extract greater value from an existing product without in- creasing costs. Paul Romer recently won a Nobel Prize for thinking about the production of knowledge in this way. See for example Romer (1994).

291. Kline and Rosenberg (1986). 292. Hoddeson (1981, p. 516). 293. Mowery (1995, p. 149).

294. Kendrick (1961).

610 Notes to Chapter 6

295. Watanabe (2016, p. 919).

296. Holland and Spraragen (1933, p. 2).

297. Nanda and Nicholas (2014).

298. Lamoreaux and Sokoloff (1999).

299. Lamoreaux et al. (2011).

300. On the distinction between science-based products and complex-systems products, and

the importance of this distinction for intellectual property rights, see Merges and Nelson (1990). 301. Cohen and Levinthal (1989).

302. Nicholas (2009).

303. Lamoreaux et al. (2011).

304. Mowery (1983).

305. Lamoreaux et al. (2011, p. 236).

306. Holland and Spraragen (1933, p. 3).

307. Baldwin (2008); Langlois (1992b); Nelson and Winter (1977); Teece (1986).

308. For example, as we shall see, in the case of the personal computer. In order for systemic

innovation to proceed through market interfaces, the design involved has to be relatively modu- lar and the market has to be dense and sophisticated enough to provide the necessary components.

309. Mowery (1981, p. 113).

310. Lamoreaux et al. (2011); Mowery (1995).

311. Penrose (1959).

312. Chandler (1977, p. 467).

313. As we will see, this would be a central thesis of John Kenneth Galbraith

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