[Click on the graph to enlarge it.]
The data are from the Council of Economic Advisors’ “2005 Economic Report of the President,” Table B-60.
James G. Devine is Professor of Economics at Loyola Marymount University. His numerous publications include “The ‘Natural’ Rate of Unemployment” (A Guide to What’s Wrong with Economics, Ed. Edward Fullbrook, London, UK: Anthem Press, 2004, pp. 126-132), “Psychological Autism, Institutional Autism, and Economics” (The Crisis in Economics: The Post-Autistic Economics Movement: the First 600 Days, Ed. Edward Fullbrook, London: Routledge, 2003, pp. 212-20 [originally published in the Post-Autistic Economics Review 16, 16 September 2002), “The Causes of the Great Depression of the 1930s and Lessons for Today” (Revista da FEA-PUC SP [Faculdade de Economia, Administração, Contrabilidade e Atuária da Pontifica Universidade Católica de São Paulo] 2, November 2000, pp. 43–50), “The Cost of Living and Hidden Inflation” (Challenge, March-April 2001, pp. 73-84 [reprinted in Taking Sides: Clashing Views on Controversial Economic Issues and Macroeconomics]), and “The Rise and Fall of Stagflation: Preliminary Results” (Review of Radical Political Economics, 32.3, 2000, pp. 398-407).