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

ACCEPTANCE OF NEW THEORY 157 will undoubtedly thue be invoked and applied to the un- skilled worker, with the addition of reasonable advances in the differentials above the unskilled which custom and tradition have heretofore sanctioned for the more skilled, hazardous, and responsible occupations. Through the force of this inevitable tendency, the living or savings-wage principle will increasingly receive formal acceptance and practical application. Outside of the activi- ties of organized labor itself, it will be stimulated by those industrial students and leaders who already believe that the maintenance of existing prosperity can be best assured by making possible higher earnings and, as a consequence, increased purchasing power for the millions of unskilled or semi-skilled industrial workers. The productivity theory of wage payments, in other words, and its corollaries, have become predominant. They assume the “living wage” principle or the fixing of an adequate basic rate of compensation for those lowest in the industrial scale. This is implied and accepted as a starting point. The procedure of the new industrial order, in this respect, was well expressed by Mr. Lewis E. Pierson, former President of the United States Chamber of Commerce, in an address before that body in Wash- ington in May, 1928, when he said: We forgot the old idea of the living wage and asserted a new American doctrine which enlisted the cooperation of the worker with the implied declaration that his earnings were to be measured largely by his power to produce. . . . It was evident that if, through the use of power machinery, ‘he individual worker could be brought to produce more in 2 given time, he would be able to earn a corresponding increase in pay. We found that production and consumption must go hand in hand, that high wages represented the com- mon denominator of both.

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