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.
Nationally. But not globally.
Nothing is clear since we’re dealing with counterfactuals, but why do you believe so?
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.