American unemployment rate is nearly 30%. ...During the Great Depression the only other economic crisis comparable in scale... the highest unemployment rate in the US was in 1933... at 25%." - Meaning and context.">
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“

[I]n the United States... official unemployment is at... 15-16% but if you count the... number of people who have become newly unemployed, counted by... unemployment insurance claimants, basically American unemployment rate is nearly 30%. ...During the Great Depression the only other economic crisis comparable in scale... the highest unemployment rate in the US was in 1933... at 25%.

— Ha-Joon Chang

What It Means

This is a placeholder explanation generated by the low-overhead model. It interprets "[I]n the United States... official unemployment is at... 15-16% but if you count the... number of people who have become newly unemployed, counted by... unemployment insurance claimants, basically American unemployment rate is nearly 30%. ...During the Great Depression the only other economic crisis comparable in scale... the highest unemployment rate in the US was in 1933... at 25%." in the context of "" to mean that wisdom is timeless.

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Source: The 'What it means' explanation text was generated by Google Gemini Flash (accessed January 18, 2026). https://gemini.google.com/app

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#Ha-Joon Chang#unemployment#rate#unemployed#depression#comparable#insurance#claimants#basically#official#american#economic
Ha-Joon Chang

About Ha-Joon Chang

Ha-Joon Chang (Hangul: 장하준; hanja: 張夏准; born 7 October 1963) is a South Korean institutional economist specialising in development economics. Currently a reader in the Political Economy of Development at the University of Cambridge, Chang is the author of several widely discussed policy books, most notably Kicking Away the Ladder: Development Strategy in Historical Perspective (2002). In 2013 Prospect magazine ranked Chang as one of the top 20 World Thinkers.