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

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Title:: Chapter VII. Acceptance of the theory of an adequate basic wage

Collection:: Economics Books

156 INDUSTRIAL REVOLUTION AND WAGES standpoint of the sound principles of industrial manage- ment and of general economics. The conception of the standard of living which this basic wage should make pos- sible has advanced through the years from a level of bare subsistence of the wage-earner and his family to the recently advocated “cultural” standard, which would em- brace not only physical and social requirements, but also cultural needs, together with the highest ideals of economic freedom. Practically, the minimum standard which has been reached at this time, or the point of actual accepta- bility, is the level of living provided by the so-called “savings wage,” or a wage sufficient for a standard of liv- ing of minimum health and comfort for the wage-earner and his family, with the added provision for reasonable savings as a protection against sickness, accident, old age, and other contingencies of life. The living or savings-wage movement has been, in a general way, absorbed during the past five years by the general acceptance in the United States of the so-called productive efficiency theory of wage payments, which would stimulate indefinite wage advances so long as labor costs of production are reduced and reasonable margins of profits sustained. The adoption of this principle has also been further supported by the theory that high rates of pay make for increased purchasing power, greater con- sumption of commodities, and the maintenance of wide- spread prosperity. As industry has proceeded under this new and enlightened program, wage earners have received general advances in their rates of compensation, until their earnings now in many instances represent unprecedented levels. As this process continues, the need will inevitably arise for a decision as to what the basic rates of pay for those lowest in the industrial scale should be. When spe- cific occasions arise, the living or savings-wage principle

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