Journal of Economic Perspectives
ISSN 0895-3309 (Print) | ISSN 1944-7965 (Online)
On the Controversies behind the Origins of the Federal Economic Statistics
Journal of Economic Perspectives
vol. 33,
no. 1, Winter 2019
(pp. 147–64)
(Complimentary)
Abstract
Our federal economic statistics originated in the economic and political divisions in the United States and the bitter debates over economic policy they engendered at the end of the 19th century and during the world wars and Great Depression. Workers were angry because they believed that they were being exploited by robber barons who were capturing all of the benefits of economic growth, while employers were just as sure that the second industrial revolution had brought workers an unparalleled increase in real wages. Other debates centered on the effects of unrestricted immigration on wages and employment opportunities of native-born Americans, on the effects of tariffs on prices paid by consumers, on the effects of frequent financial panics on employment, and, during the world wars, on the effects of wage and price controls on the living standards of workers. Participants on all sides of these debates believed that nonpolitical and accurate statistics constructed by experts would help to win support for the policies they favored. In most cases, the development of these statistics was led by individuals, private organizations, and state governments, although the federal government eventually took over the role of producing these statistics on a regular basis. Here I provide brief histories of the origins of US statistics on prices, national income and product, and unemployment to illustrate this story.Citation
Rockoff, Hugh. 2019. "On the Controversies behind the Origins of the Federal Economic Statistics." Journal of Economic Perspectives, 33 (1): 147–64. DOI: 10.1257/jep.33.1.147Additional Materials
JEL Classification
- C80 Data Collection and Data Estimation Methodology; Computer Programs: General
- E01 Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
- N11 Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: U.S.; Canada: Pre-1913
- N12 Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: U.S.; Canada: 1913-
- N41 Economic History: Government, War, Law, International Relations, and Regulation: U.S.; Canada: Pre-1913
- N42 Economic History: Government, War, Law, International Relations, and Regulation: U.S.; Canada: 1913-
- N12 Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: U.S.; Canada: 1913-
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