The new industrial revolution and wages

Bibliographic data

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 IX. Increased consumption and prospertity accepted as an outgrowth of lower costs and higher wages

Collection:: Economics Books

206 INDUSTRIAL REVOLUTION AND WAGES suffer if labor-saving machinery is to load us down with chronic increases in the unproductive and unemployed. We all lose something the moment a single worker loses an oppor- tunity for employment and ceases to produce wealth. We must not curtail our market in that way either. The National Industrial Conference Board has raised the question as to whether the proper use of savings in ex- tending our capital equipment may be more of benefit to consumers than direct wage payments, but it also concedes that high wages are an important factor in sustaining the buying power of the community, In one of its recent publications, the following statement was made on this point :! . . . . If, however, the employer belongs to the school of economic thought which holds that mounting wages, by en- larging domestic markets, are the surest insurance against business depression, he may distribute any pertion of the in- creased profits in the form of higher wages, but it is difficult to establish any moral obligation to do so. Without doubt, high wages are an important factor in sustaining consumer buying power, but it is still an unsettled question whether the proper use of business and private savings in extending our capital equipment may not be a more important factor in the consumer market than direct wage payments. The building boom, and the unprecedented sales of auto- mobiles and other articles formerly considered luxuries, during the three years 1924-1926, Mr. Carl Snyder, Statis- tician for the Federal Reserve Bank of New York, attrib- uted to the advance in wages and purchasing power of wage-earners during the same period. In an adverse criticism of “The Road to Plenty” by Foster and Catchings, Mr. Samuel Untermyer declared in February, 1928, that the only possibility of continued pros- "1 Washington Herald, February 14, 1928; p. 2.

Access restriction

Copyright

fullscreen: The new industrial revolution and wages

Monograph

Chapter

Table of contents

Download

Monograph

Chapter

This page

Image fragment

Citation links

Citation recommendation