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 VIII. Acceptance and general application of the theory of productive efficiency

Collection:: Economics Books

176 INDUSTRIAL REVOLUTION AND WAGES tion of economy processes. This belief is contrary to the old accepted rule of reasoning which held that a lowering of the cost of production could only be brought about through a reduction in wages. High wages can command efficiency in service. In turn, the efficiency so secured is reflected in the volume of pro- ductivity and, in many instances, in the character and quality of the manufactured article. AMERICAN FEDERATION OF LABOR CONVENTION, REPORT OF COMMITTEE ON RESOLUTIONS, ATLANTIC CITY, 1925: We hold that the best interests of wage-earners as well as the whole social group are served in increasing production in quality as well as quantity, and by high wage standards, which assure sustained purchasing power to the workers and, therefore, higher national standards for the environment in which they live and the means to enjoy cultured opportunities. We declare that wage reductions produce industrial and social unrest and that low wages are not conducive to low production costs. We urge upon wage-earners everywhere: that we oppose all wage reductions and that we urge upon management the elimination of wastes in production in order that selling prices may be lower and wages higher. To this end we rec- ommend cooperation in study of waste in production which the essay of the Federated American Engineering Societies covering important industries has shown to be 50 per cent. attributable to management and only 25 per cent. attributable to labor, with 25 per cent. attributable to other sources, prin- cipally managements in industries producing commodities for any single industry under consideration. Social inequality, industrial instability and injustice must increase unless the workers’ real wages, the purchasing power of their wages, coupled with a continuing reduction in the number of hours making up the working day, are progressed in proportion to man’s increasing power of production. . . . Unquestionably the welfare of any people as a whole

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