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 VII. Acceptance of the theory of an adequate basic wage

Collection:: Economics Books

118 INDUSTRIAL REVOLUTION AND WAGES 4 about greater cooperation and greater production from their working forces. Because of public policy, because it would do more than anything else to produce sound citizenship in our self- governing republic. THE “Savings” AND “CULTURAL” WAGE As the principle of a “living wage” received widespread sanction and acceptance, the movement was accompanied by a growing demand for the establishment of a still higher minimum standard of compensation. It was held that it was not sufficient to provide earnings which would insure only a standard of health and modest comfort for the unskilled wage-earner and his family, but it was equally important that he should have surplus earnings for savings in order to protect himself and his family against the contingencies of unemployment, sickness, disability, old age, and death. This gave rise to the advocacy of the “savings wage” as the essential minimum standard. In one of his public addresses in 1921, President Harding made a statement on this point which became a standard as to the significance and content of the savings-wage con- ception. He said :* In our effort at establishing industrial justice we must see that the wage-earner is placed in an economically sound position. His lowest wage must be emough for comfort, enough to make his house a home, enough to insure that the struggle for existence shall not crowd out the things truly worth living for. There must be provision for education, for recreation and a margin for savings. There must be such freedom of action as will insure full play to the individual's abilities. This was a highly pregnant statement. President Hard- ing stated his conviction that the lowest wage paid to a 1 From public address of President Warren G. Harding, New York City, May 23, 1921.

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