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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Chapter

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 237 order to keep previous forces fully employed, a tremendous increase in the demand for commodities and services was necessary. If this expansion in demand did not go for- ward in accordance with the elimination of industrial workers, new and supplementary industries and services must needs be developed to absorb the workers displaced in the older industries. Otherwise any decline in produc- tion would be quickly followed by an unemployement crisis. If, also, there was no growing demand from the establishment or expansion of newer industries and serv- ices, the crisis would quickly become more acute. A rela- tively small retardation in industrial demand, such as occurred during the winter of 1927-1928, which was in no way comparable with the drastic curtailment of output in the years 1920-1921, almost immediately found expres- sion in a serious unemployment problem. This condition of affairs was all the more remarkable for the reason that those who retained their work enjoyed larger money and real wages and shorter hours than had ever before obtained in industry. D1SPLACEMENTS AND UNEMPLOYMENT The most authoritative sources estimated that from the year 1923 up to the middle of 1927, all workers displaced by the new technique in industry were rapidly absorbed into other lines of employment.! There was some differ- ence in the estimates of the number of wage-earners which were thus displaced, but the calculation made by Mr. E. S. Gregg, Statistician of the Western Electric Company, of more than 1.000.000 men having been dropped from agri- 1 See statement of Labor Bureau, Inc.; also article by E. S. Gregg, Chief Statistician of Western Electric Company, Inc., in Nation's Business, April, 1928, “What Puts Men Out of Work”; also article by Professor Sumner H. Slichter, New Republic, Feb. 8, 1928, “The Price of Industrial Progress’; and oy Professor Irving Fisher, in Magazine of Wall Street for April 7. 1928. “Full Emplovment: Prosperitv’s Problem **

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