The new industrial revolution and wages

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Monograph

Identifikator:: 1804651486

URN:: urn:nbn:de:zbw-retromon-193069

Document type:: Monograph

Author:: Lauck, William Jett http://d-nb.info/gnd/173237126

Title:: The new industrial revolution and wages

Place of publication:: New York

Publisher:: Funk & Wagnalls

Year of publication:: 1929

Scope:: ix, 308 S.; graph. Darst.

Digitisation:: 2022

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter VI. Abandonment of the cost-of-living and supply-and-demand theories

Collection:: Economics Books

ABANDONMENT OF OLD-TIME THEORIES oI Citations could be multiplied as to the revolutionary change in attitude toward the commodity theory of wage- fixing, or toward cost of living as a wage-adjustment fac- tor. As a matter of fact, both of these old ideas were either subordinated to or lost sight of in the new concep- Hon as to wage and industrial policies which came to the forefront after the year 1923.1 Actual EXPERIENCE SHOWS ABANDONMENT OF OLp THEORIES Industrial experience itself since the year 1923 is an expression of this changed attitude. The practical pro- cedure which industry has followed shows conclusively that no stress has been placed upon the index-of-living costs, or upon supply and demand as the bases for recur- ring wage adjustments. Quite the reverse has been true. This fact is demonstrated by the diagram opposite page 92, reproduced from the Monthly Review of the Federal Reserve Bank of New York. The composite wage index of the diagram includes per capita earnings of factory operatives, railway employees, agricultural, building, and generally unskilled labor, sal- aries paid to teachers, and earnings of clerical help. It is, therefore, representative of all classes. If labor in the farming industry, which has been abnormally depressed since the war, were omitted, the rise in wages would be greater. The cost-of-living index is that of the United States Bureau of Labor Statistics. [t will be noted from the diagram that the trend of wages has been upward and the cost of living, on the other hand, downward, during the past five years. Mr. Carl Snyder, statistician of the New York Reserve Bank and author 1 For further citations see Feis, “Principles of Wage Settlement,” Chapters IV and V, and Chapter VII, Supplementary Note A.

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