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.

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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

LOWER COSTS AND HIGHER WAGES 207 perity lay in higher wages and purchasing power of labor, or, stated in general terms, on a more equitable! distribu- ion of wealth produced. His statement, in part, was as follows * In my opinion, the ratio between production and consump- lion cannot be balanced, corrected or materially improved either by the creation of further credits or by regulating the low of Government expenditures. The first cannot affect the ultimate purchasing power or permanently increase either production or consumption. Credits are already ample. The banks are now overflowing with money, altho far too much of it, in this section of the country, is being used in stock specu- lation. Any manufacturer in fair standing with surplus stocks of merchandise can borrow. So far as concerns the ultimate effect of regulating Gov- ernment expenditures, it would be about as important as a fly on an elephant. The only ways that occur to me of increasing production, and relatively increasing consumption, so as to assure steady employment, are by either adding to our exports or by resort- ing to other means of increasing the purchasing power of our own people. The chances of relief from the first alternative are growing dimmer day by day as the European nations are reviving from the paralysis of the war and are becoming keener com- petitors. We cannot hope to compete in the world’s markets with pauper labor of Europe. The most we can do is to build a “Chinese Wall” against flooding our markets with their products. Our most promising avenue of relief will, I think, be found in the other alternative if it can be brought about. There must be a wider distribution of wealth. The vast fortunes and incomes therefrom in the hands of a relatively few indi- viduals are not on the whole employed in manufacturing in- dustries, nor is an adequate proportion of these fortunes and 1 New York Evening Post. February 11. 1928.

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