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

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter VIII. Acceptance and general application of the theory of productive efficiency

Collection:: Economics Books

THEORY OF PRODUCTIVE EFFICIENCY 179 Labor, from which the following definition has been taken «1 Real wages and family budgets do not give the full picture of the wage-earner’s economic and social position. Let us assume that from one year to another real wages of the man- ufacturing wage-earner increase by 10 per cent. That means he can buy in the second year 10 per cent. more commodi- lies than in the first year. Let us assume that at the same time production increases by 20 per cent. This means that 20 per cent. more commodities are offered on the market. If ‘he wage-earner’s real wages have increased only by 10 per cent. he can not share the full amount of the more production of 20 per cent. It is true he can buy 10 per cent. more com- modities than he could buy the year before, but he has helped to produce 20 per cent. more commodities than all the com- modities produced the year before. His share in the more production is one-half, the other half of his share in the op- portunities which this more production offers either goes to other consumers in addition to their own increased share or is not used at all, which means that a certain part of the national product has to remain unsold, that stocks increase and that industrial prosperity is menaced. The social posi- tion of the wage-earner, his share in growing opportunities which increasing production offers, his purchasing power measured by national production then has declined. It is in order to measure the social position of the worker, his share in growing opportunities, his purchasing power in relation to the national product, that we calculate social wages, t.e., money wages related to prices and production. These striking declarations and the demand for an equitable participation in the output of industry soon be- came the fundamental plank in the Federation’s wage plat- form. The constituent unions of the Federation took it up as a practical method of measuring standards in the vari- 1 Article entitled “Wages in Manufacturing Industries, 1899 to 1927,” by Jurgen Kuczynski and Marguerite Steinfeld—American Federationist, July,

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