Economic essays

Bibliographic data

Monograph

Identifikator:: 1753623200

URN:: urn:nbn:de:zbw-retromon-136107

Document type:: Monograph

Title:: Economic essays

Place of publication:: New York

Publisher:: Macmillan

Year of publication:: 1927

Scope:: viii, 368 S.; Ill., graph. Darst.

Digitisation:: 2021

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: The static state and the technology of economic reform / Thomas Nixon Carver

Collection:: Economics Books

STATIC STATE AND THE TECHNOLOGY OF ECONOMIC REFORM 41 reserve army, with all the train of consequences indicated in pre- vious paragraphs. Any country in which business is held in low esteem, in which the universities uniformly try to train men for anything except business, will always have a scarcity of business talent. Its industries will always be run in the main by second and third rate men and will, in consequence and of necessity, be second and third rate industries which cannot possibly pay high wages. It is useless in such a situation to attempt to force wages to levels which the existing employers of low capacity would be unable to pay without bankruptcy. But if something can be done to increase the number and improve the quality of the employing class, industries will so expand as to raise the equilibrium wage automatically. That is, if the wages remain at the previously established equilibrium level, the new crop of superior managers and employers will be trying to hire more laborers than are offering themselves at that low wage. This will automatically bring about a readjustment. Under the new situation it will require a higher wage to maintain the equilibrium, that is, employers will be willing to employ at some higher wage, as many laborers as are willing to be hired. If it is found that one reason for the small number and low quality of business managers and employers is the low esteem in which they are held, again the remedy is rather obvious. Talented and ambitious men are likely to be rather sensitive to the good opinions of their fellow citizens. If a man distinctly lowers himself in the opinion of his fellow citizens by entering business, many a man will be diverted into the more ornamental professions. This may result in a high development of the arts and graces of civilization, but it cannot possibly solve the prob- lem of low wages. The only man who really solves the problem of low wages is the man who manages to pay high wages. The only man who can do that is the man who brings great capacity to bear upon the problem. The way to get men of great capacity to bring their ability to bear on this important problem is either to allow them very large incomes or, in lieu of pecuniary incomes. show them great consideration and esteem. Generally these two forms of reward counterbalance one another. If business is generally held in low esteem, it will take a great deal more money, in the form either of high profits or high salaries, to induce capable men to turn to business, whereas

Access restriction

Copyright

fullscreen: Economic essays

Monograph

Chapter

Table of contents

Download

Monograph

Chapter

This page

Image fragment

Citation links

Citation recommendation