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 XI. Constructive remedies needed

Collection:: Economics Books

CONSTRUCTIVE REMEDIES NEEDED 249 would be lessened, and a better opportunity afforded for altimate coordination and stabilization. “ProFITLESS PROSPERITY” In addition to the unemployment problem, another men- ace of the new industrial revolution, which affects both capital and management as productive factors, has been the tendency through mass production and competitive selling to reduce the margins of profit. The concentration of industrial management upon greater output and lower costs has in many cases gone so far, and attention has been so focused upon these points, that the element of profit has been neglected. This tendency has developed in many branches of industry, the output of which has expanded In a remarkable way, to a point where there has been little if any profit, relatively speaking, and has led to the satirical comment that our industrial revolution is rapidly approach- ing a stage of “profitless prosperity.” The declaration has also been frequently made that labor, because of the decline in prices and advances in real wages, has been enjoying an unprecedented status of well-being, while much-vaunted American management has brought about an era of un- paralleled industrial expansion, but at the same time has reduced the margins of invested capital to such a low point as to arouse apprehension as to the future. This situation, which began to attract serious attention in the spring of 1928, was very briefly but effectively ex- pressed by the Guaranty Trust Company of New York in its monthly review for May of that year :2 1 “American Prosperity: Its Causes and Consequences,” by Paul M. Mazur: The Ying Press, New York, 1928; also articles by the same author in the American Review of Reviews for May and June, 1928, entitled respectively “Mims Production—Has It Committed Suicide?” and *““After Mass Production — at?” 2 The Guaranty Survey, May 28, 1928, Vol. VIII, No. 2, pp. 5-6.

Access restriction

Copyright

fullscreen: The new industrial revolution and wages

Monograph

Chapter

Table of contents

Download

Monograph

Chapter

This page

Image fragment

Citation links

Citation recommendation