”The most comprehensive hook ever on unemployment inrnthe United States.” — GEORGE GILDERrnfcr^rnli^’rn”Out of Work IS a triple hit: an engagingrnnarrative of a century of U.S. economic history thatrnfocuses on real wage rates adjusted for productivityrnchanges to explain unemployment patterns; anrnattack on the mythology that high wage rates andrngovernment spending reduce unemployment; arncritique of wrongheaded public policies since 1930rnthat have raised unemployment levels.”rn— ANNA J. SCHWARTZrnNational Bureau of Economic Researctirn”Out of Work is fascinating and brilliant — arncomprehensive and important book.”rn— LAWRENCE A. KUDLOWrnSenior Managing Director and Chief EconomistrnBear Stearns & Companyrn”Out of Work is essential for economists,rnhistorians, other social scientists, and especiallyrnpolicy-makers who are interested in and concernedrnabout U.S. unemployment.”rn— JAMES T. BENNETTrnEditor, Journal of Labor ResearchrnINDEPENDENTrnINSTITUTErnThe specter of unemplojonent isrnincreasingly used to justify ever biggerrngovernment programs — from continuingrnhigh military expenditures to a return tornNew Deal-type make-work agencies.rnNow, Out of Work amasses relentless andrndevastating evidence that the major causernof high unemployment, both cyclical andrnsecular, is government itself.rnOut of Work challenges Keynesianrnfiscal demand-management and showsrnthat such poUcies as minimum wages, legalrnprivileges for unions, civil rights legislation,rnunemployment compensation, andrnwelfare have all played significant roles inrngenerating joblessness. Too, Out of Workrnlucidly and absorbingly recounts thernhistory of American unemployment. Itrndemonstrates, for example, that the policiesrnof both presidents Herbert Hoover andrnFranklin Roosevelt not only prolonged andrnexacerbated the unemployment of thernGreat Depression, but directly contributedrnto the depression’s banking crisis as well.rnIn short. Out of Work redefines thernway we think about one of the mostrnexplosive issues of the twentieth century.rn”Vedder and Callaway’s masterful bookrndemonstrates that the invisible hand of the marketrnworks better in preventing high unemployment thanrnthe visible foot of government.”rn— CONGRESSMAN RICHARD ARMEYrnJoint Economic Committee of Congressrn”Vedder and Callaway show convincingly that wernneed once again to rethink our entire notion ofrnunemployment. Sixty years of the welfare staterntogether with intrusive government regulationsrnhave given us problems largely unreachable byrnfederal policies designed to cope with cyclicalrnunemployment. In effect, you cannot turn a standardrnscrew with a Phillips (curve) screwdriver.”rn— JONATHAN R. T. HUGHESrnProfessor of Economics, Northwestern Universityrn”Out of Work is a very important hook about onernof the most important economic problems of ourrntimes. It should be widely read and have a strongrninfluence on public policy.”rn— GOTTFRIED HABERLERrnSenior Fellow, American Enterprise Institutern31 Figures • 48 Tables • Index • 320 Pages • PaperbackrnHolmes & Meier, Publisbers, New York and Londonrn$16.95 plus postage ($3.00/book, CA residents add sales tax)rnORDER TOLL FREE 1-800-927-8733rnCredit card orders only. 24 hours a day.rnThe Independent Institute, Dept. BA9,134 Ninety-Eighth Avenue, Oakland, CA 94603rnrnrn