The Great Depression Had an Enormous Impact on How Economists

The Great Depression had an enormous impact on how economists view the nature of unemployment. Until that time, the conventional view was the classical view. Unemployment was generally considered to be voluntary in nature and a disequilibrium situation. After the Great Depression, the conventional view became the Keynesian view, according to which unemployment was very static in nature and due to an equilibrium with too few jobs. In the 1970s, this conventional view was replaced by the "new view" attributed to Feldstein, which emphasized the dynamic nature of unemployment. The experience of the 1980s gave way to the current view - which is thought to apply in Canada and parts of Western Europe - called the "modified new view."
Describe each of these three views of the nature of unemployment. In each case, mention the economic events which caused economists to modify their view. The roles of both the incidence and the duration of unemployment and the role of labour force turnover are different in each case.
Describe them. For each of the three cases, describe the distribution of the burden of unemployment. In other words, which groups of workers were particularly affected?