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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Chapter

Document type:: Monograph

Structure type:: Chapter

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

Collection:: Economics Books

92 INDUSTRIAL REVOLUTION AND WAGES of the wage index used in the diagram, in another connec- tion points out that the gain in real wages during the three years preceding the year 1927, as shown by the spread between the wage and the cost-of-living index, was 20 to 25 per cent., and probably greater than at any time during the past half century! The evidence from the practise of industry itself, aside from public opinion or any formal or judicial determination of wage rates, has been that the cost-of-living index has been definitely cast aside as a fundamental factor in arriving at changes in rates of pay of industrial workers. WAGE ADJUSTMENTS IN LEADING INDUSTRIES HAVE Di1srREGARDED Cost-oF-LIVING FACTOR The returns from individual industries confirm the showing of the general indexes as to the relation between increases in wages and living costs. This is graphically set forth in the following table and chart. The table shows comparatively, in a descending scale, the increase in aver- age weekly earnings of workers in the leading basic indus- tries in 1926 as compared with the pre-war period. The horizontal bars and red vertical line show at a glance how earnings and rates of pay in all the principal branches of industry have advanced far beyond the increase in cost of living since 1913. 1 Journal of the American Statistical Association, December, 1926, p. 469.

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