Great Depression Warning: You are not logged in. Your IP address will be publicly visible if you make any edits. If you log in or create an account, your edits will be attributed to your username, along with other benefits.Anti-spam check. Do not fill this in! ====Productivity shock==== {{blockquote|It cannot be emphasized too strongly that the [productivity, output, and employment] trends we are describing are long-time trends and were thoroughly evident before 1929. These trends are in nowise the result of the present depression, nor are they the result of the World War. On the contrary, the present depression is a collapse resulting from these long-term trends.|[[M. King Hubbert]]<ref>{{Cite journal |last1 = Hubbert |first1 = M. King |title = Man Hours and Distribution, Derived from ''Man Hours: A Declining Quantity'', Technocracy, Series A, No. 8, August 1936 |year = 1940 |url = https://www.scribd.com/doc/22289589/Man-Hours-and-Distribution-M-King-Hubbert |journal = |access-date = September 9, 2017 |archive-date = April 7, 2020 |archive-url = https://web.archive.org/web/20200407132524/https://www.scribd.com/doc/22289589/Man-Hours-and-Distribution-M-King-Hubbert |url-status = live }}</ref>}} The first three decades of the 20th century saw economic output surge with [[electrification]], [[mass production]], and motorized farm machinery, and because of the rapid growth in productivity there was a lot of excess production capacity and the work week was being reduced. The dramatic rise in [[productivity]] of major industries in the U.S. and the effects of productivity on output, wages and the workweek are discussed by Spurgeon Bell in his book ''Productivity, Wages, and National Income'' (1940).<ref>{{Cite book |last1= Bell |first1=Spurgeon|title= Productivity, Wages and National Income, The Institute of Economics of the Brookings Institution |year= 1940}}</ref> Summary: Please note that all contributions to Christianpedia may be edited, altered, or removed by other contributors. If you do not want your writing to be edited mercilessly, then do not submit it here. You are also promising us that you wrote this yourself, or copied it from a public domain or similar free resource (see Christianpedia:Copyrights for details). Do not submit copyrighted work without permission! Cancel Editing help (opens in new window) Discuss this page