122 The Stock Market Crash—And After 
primary power by 22 per cent; and primary power 
per wage earner by 30.9 per cent (between 1919 
and 1925) and productivity per wage worker by 
53.5 per cent between 1919 and 1927. During this 
period (1919-1927), wage earners in factories had 
decreased by 2.9 per cent, but wages paid increased 
by 11.4 per cent (1919-1925). Prime cost increased 
(1919-1925) by 7.2 per cent, but unit prime cost 
decreased by 24.5 per cent. Productivity per wage 
earner, which had increased very slightly between 
1899 and 1909 and actually diminished from 1909 
to 1919, took an unprecedented leap after 1gar, 
recording its increase by more than one-half from 
1919 to and including 1927, at the same time that 
unit prime costs were diminishing (1919-1925) by 
nearly one-quarter. 
The measurement of this astounding increase in 
production and in values, mainly during the course 
of the long bull market, is accurate. The new index 
of production of the Federal Reserve Board being 
worked by what is I have called the “Ideal Formula” 
in my book The Making of Index Numbers, shows 
how far, in this machine-power civilization, man is 
emancipating himself from the curse of Adam. 
From the hewing of wood and the drawing of water, 
the sweat and toil of the old slave population, man 
has thrust his burden upon the machine. He now 
watches the index gauges reveal their welcome 
increases in per capita output. 
What are the reasons for this throbbing change 
since 1919, and especially since 1922?