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 I. Introduction

Collection:: Economics Books

4 INDUSTRIAL REVOLUTION AND WAGES sities and comforts of life. Prosperity, as a consequence, was contingent upon further improving these living stand- ards, as labor would consume more if it could produce more and receive higher compensation. The Secretary of Commerce and those of kindred views, therefore, advo- cated the elimination of waste from industry, the stand- ardization of output, the increased use of machines to extend mass production methods and to reduce labor and other costs of production. Under these conditions wage rates might be indeterminately increased, labor and other costs, as well as prices to consumers, reduced, and at the same time generous margins of profit maintained. As a result of the influence of these revolutionary sug- gestions, the present era of unprecedented prosperity was begun and developed. Industrial leaders and financiers, as well as heads of labor organizations, accepted the new enlightened and far-seeing attitude as to industrial policy. The new proposals were enthusiastically applied. It was also clearly evident, because of the impoverished condition of European countries at the time, that the United States could not hope to sell its surplus products abroad in suf- ficient quantities to absorb the actual or potential output of its mills and factories. It was, therefore, realized that reliance must be placed on the domestic market, and that to expand domestic demand, wages or purchasing power must be increased. Old wages, theories, and standards were, therefore, scrapped along with obsolete machinery and methods. The productivity principle of wage determination became dom- inant. Money rates of pay and real wages within a few years advanced to the highest point in the country’s history. In the pressure, however, of the extraordinary industrial development which occurred, no general, practical method was worked out for guaranteeing to labor a definite share

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