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 X. The real significance of the new industrial revolution, and the conditions of future progress

Collection:: Economics Books

THE NEW INDUSTRIAL REVOLUTION 229 which industrial profits have been maintained during a period of falling prices for nonagricultural products and of fixed or advancing wage rates. Dr. David Friday, in discussing this situation, has pointed out that since 1923 industrial profits have increased from 5.6 billion dollars in 1923 to 6 billion in 1925, 6.6 billion in 1926, and about 6 billion in 1927, while the index of prices of nonagricultural commodities in the Bureau of Labor Statistics index declined from a yearly average of [58 in 1925 and 154 in 1926, and to a low point for the post- war period of 144 in the summer of 1927. In the meantime average wages earned per worker have increased. It appears that during the past five years, corporations, by means of in- creased productivity and the exercise of other economies, have been able to increase output, reduce prices, mainlain wages, and expand drofits. The fundamental cause of the new order in industry was undoubtedly, as pointed out by Mr. Thomas, the experi- ence gained by industrial leaders during the war period. The acceleration of industry by combination, mass produc- tion and cooperative effort, together with the development of new methods, technological processes, and means of con- trol of conditions and output, had afforded a background of experience, which industrial management realized could be most effectually used under normal conditions. The abun- dance of capital seeking investment at reasonable rates in the post-war period also made it possible to put wartime experience into practise. The change in attitude toward rates of pay of industrial workers and prices to consumers, or the post-war phenomenon of falling prices, higher wages and increasing profits, also was born of the experi- ence that rates of wages and price levels were subordi- nate to the greater problem of reducing production costs through greater capital investment and higher managerial ability.

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