The Importance of Economic Security in the Depression

Growing up in the Great Depression highlighted the significance of economic security, as families faced uncertainty about their next income. This experience emphasized the value of stable and secure jobs over higher pay. The focus on economic security influenced a reluctance to accept labor market efficiency theories that introduce uncertainty to workers. This insight underscores the vital importance individuals place on feeling safe and secure in their economic situation, a factor not always clearly accounted for in standard economic teachings.