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

240 INDUSTRIAL REVOLUTION AND WAGES already been pointed out, a high degree of unemployment in terms of numbers followed for a time by very acute conditions in many industrial and urban centers. Numeri- cal estimates of unemployment at this time ranged all the way up to the United States Department of Labor’s absurd figures of 1,874,050, which (if there should have been added the 2,000,000 each year who reach working age, together with an annual influx of 250,000 immigrants) would have given a total of 8,000,000 unemployed at the beginning of 1928, as contrasted with the estimate of 4,000,000 submitted by the Labor Bureau, Inc., of New York City. This latter calculation allowed for and deducted the estimated number of displaced workers during the five years, 1923-1927, and may be considered as good an esti- mate as could have been made during the winter of 1927- 1928. With the opening of spring, industrial activity again began to expand, and serious unemployment gradually disappeared. This temporary and restricted condition in 1927-1928, however, clearly showed, as a result of the new industrial revolution, that, should there be any considerable slackening of industrial output, or should industry as a whole reach a point of stabilization where its constant acceleration and expansion, as characterized by the new order of mass production, would cease, the inevitable result would be an unemployment situation which would cause unprecedented distress and suffering.

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