Well, I never saw an estimate for a worst case scenario with an unemployment rate as high that in 1819, but now that I state my reasoning explicitly, that sounds pretty weak.
There have been a bunch of papers on this, I’ll have to track them down, but if memory serves me the low estimate is around 15% and the high is around 22 or 23%. Unfortunately, precise economic pre-1920s is generally hard to come by.
That’s a good point. I suppose one could argue that Spain is a relatively small part of Europe as a whole, but that seems like a pretty weak argument. I think I’m going to have to update on this general position to substantially reduce my confidence that the economic situation has been becoming more stable. Thanks.
Well, I never saw an estimate for a worst case scenario with an unemployment rate as high that in 1819, but now that I state my reasoning explicitly, that sounds pretty weak.
What was the unemployment rate in 1819? A brief look at the web gave me nothing.
There have been a bunch of papers on this, I’ll have to track them down, but if memory serves me the low estimate is around 15% and the high is around 22 or 23%. Unfortunately, precise economic pre-1920s is generally hard to come by.
Given that right now the unemployment in Spain is about 25%, that doesn’t sound too horrible.
That’s a good point. I suppose one could argue that Spain is a relatively small part of Europe as a whole, but that seems like a pretty weak argument. I think I’m going to have to update on this general position to substantially reduce my confidence that the economic situation has been becoming more stable. Thanks.