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

192 INDUSTRIAL REVOLUTION AND WAGES quantitative output increased by 178 per cent. As a result, production per wage earner in 1925 was 48 per cent. greater than in 1899. Even in the short period from 1919 to 1925 the output per wage-earner in our factories increased about 40 per cent. as a consequence of the greater efficiency of the wage-earners themselves, improved management, more sci- entific methods and waste elimination, and greater use of machinery and other forms of capital as an aid to human effort. The advances in educational standards and in scien- tific research are the funadmental causes of this progress in industry. In the years since the war there has been a considerable increase in the total agricultural production of the United States and an even greater gain in the average output per worker. In 1925, the most recent year for which complete data aré available, the quantitative output of agricultural products was 8 per cent. larger than in 1919, while the output per agricultural worker showed an increase of 18 per cent. A more extended analysis of the causes and results of our new industrial policy was also made in a comprehen- sive but cogent way by Secretary Hoover in the course of a public address in New York City in March, 1926. On that occasion, he said in part :! Our work people have increased in education and skill. Above all, they are largely free from the economic fallacy that restriction of individual effort increases the number of jobs. Our national unions have long since declared against such theories. We are reaping the benefits of some 600 indus- trial research laboratories, mostly established in the last ten years. They are ceaselessly searching for invention and for every economy in the use of materials and method. . . . These are the reasons why we are able to sell goods of high quality, produced under the highest real wages in the world, in competition with goods produced under lower 1 Quoted from “Industry’s Coming of Age,” by Rexford Guy Tugwell; Harcourt, Brace & Co., New York, 1927; pp. 10-11.

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