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

LOWER COSTS AND HIGHER WAGES 211 But higher wages have contributed most of all. They have forestalled strikes, reduced the labor turnover, encouraged employees to more effective work, stimulated loyalty and in- terest in the business, with the general result of far greater continuity, stability, and therefore, efficiency in industry than ever before. People have been able to buy more because the steady flow of the dollar-values of production has not been ‘nterfered with. So we see that a high wage-scale really does increase the purchasing power not only of employees but of everybody else, because it tends to keep them steadily at work. They produce more, therefore they can buy more and have more. And it is difficult to set any limit to the creative power of he human mind. This matter of the steady flow from hand to hand of the Jollar-values created by labor has far-reaching effects. It not only prevents the wasteful idleness of men, machines and money, but it permits a tremendous speeding up of all in- dustry, so that each dollar of money and each dollar-value of goods, by moving along faster, can do a great deal more work. [f the railroads at one time have very little to haul and at an- other are flooded with traffic, they become congested, needed materials are held up, and industry is thus hampered. But if their business is evenly distributed they can handle it promptly. If the merchant cannot get goods promptly, whether be- cause of railroad congestion or because of irregular sup- plies at the factories, he must carry a large stock to make sure of supplying his customers. One of the most helpful factors in the present situation is that not only mercharits but people in all lines of business and even consumers are to buy ‘from hand to mouth,” as we say. Goods are kept moving, as well as dollars. Stagnation, congestion, delay are the great enemies of pros- perity, because they mean idleness—workers are no longer creating dollar-values of consumable goods, and if they don’t create them. they don’t have them.

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