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

Collection:: Economics Books

178 INDUSTRIAL REVOLUTION AND WAGES Very obvious changes in prices induced organized labor to realize the necessity for calculating in real wages. Very ob- vious changes in productivity of labor to-day induce organ- ized labor again to widen its wage policy. Higher money wages from an economic point of view do not improve the situation of the worker if prices increase more than money wages. Higher real wages from a social point of view do not im- prove the situation of the worker if productivity increases more than real wages. For, higher productivity without corresponding increase of real wages means that the additional product has to be bought by others than the wage earner. This means that the social position of the wage earner in relation to other con- sumers becomes worse, because his standard of living will not advance proportionately with those of other groups. Deteriorating social position—that is, declining purchasing power of the mass of the wage-earners in relation to the na- tional product—brings about industrial instability which will develop into industrial crisis. The American Federation of Labor is the first organization of Labor in the world to realize the importance of the factor productivity in economic society. It no longer strives merely for higher real wages; it strives for higher social wages, for wages which increase as measured by prices and productivity. This modern wage policy lifts the movement to an abso- lutely new level. For higher real wages meant only: better- ment of the economic position—while higher social wages mean: betterment of the economic and social position of the worker. The modern wage policy guarantees an active but stable development of industrial society. President Green’s declaration as to “social wages” was later more elaborately explained by a series of articles in The American Federationist by members of the staff of the Research Department of the American Federation of 1 “Organized Labor's Modern Wage Policy,” Research Series No. 1. American Federation of Labor, Washington, 1927.

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