Historians of the 1920s and economists have been apt to disagree on the development of 1920s prosperity. This has been because economists have focussed on the monetary policies and implications of the period whereas historians have looked to the supply-side, or to Keynesian analyses based around employment and demand. The two professions have therefore, until recently, formed radically different perspectives on the period. To an historian, the 1920s were a period when Gross National Product rose by some $25 billion; the number of ‘radio-owning households’ rose over sixteen times, from 60000 to ten million; income tax millionaires rose eightfold, and the number of people who used airlines rose twentyfold. This speaks to a massive increase in demand, which can be associated with the growth of jobs in motor manufacturing, and in the associated industries such as tyre-making and steelworks. The automobile industry alone was by 1929 responsible for 7 % of all United States industrial...
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