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

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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 217 In another connection, President Green further elabo- rated his point of view in a public statement, from which he following quotation is taken: The steadily increasing output of industries makes neces- sary a parallel increase in purchasing power, for unless the increased output finds buyers our greater efficiency defeats itself by contributing to business depression. Industries are organized to supply the needs not of the wealthy few but of the millions who work for wages. It is not enough, therefore, for business to have increased profits. Wage earners must have larger incomes. The doctrine of high wages which organized labor has been teaching for dec- ades has now found acceptance with economists and progres- sive business men. In the degree in which it has found appli- cation it is one of the big factors in the present business stability, The American Federationist, the official organ of the American Federation of Labor, has also editorially sanc- tioned the new industrial view as to the interrelation of high wages, consumption, and prosperity. In its issue of January, 1928 the following editorial set forth the official attitude of the organized labor movement : Economic literature is beginning to find a place for the proposition with which organized labor first startled the busi- ness world in the face of a serious panic. We will not accept wage reductions, the trade unions declared, for wage reduc- tions will not only harm us, but will make business condi- lions worse. Wage reductions mean smaller consumption. Thus out of Labor’s necessities originated an economic prob- lem to which economists are now giving sanction. To keep wages advancing proportionately to increases in productivity, is essential to stabilization of business pros- perity, to the best interests of employers as well as the workers. Opponents of trade unions have tried to prove that unions

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