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 XII. Labor and the new industrial revolution

Collection:: Economics Books

282 INDUSTRIAL REVOLUTION AND WAGES were inadequate as measured by proper living standards. In general, it is indisputable that the greater number of industrial workers are not earning sufficient to provide proper standards of living for themselves and their fami- lies. The great mass of unskilled laborers are practically on, or very little above, a bare subsistence level of living.? A PracticaL, CoNsTRUCTIVE METHOD OF WAGE FixatioN NECESSARY The foregoing brief outline of the actual economic con- dition of the wage-earner clearly shows that a practical and equitable method for wage fixation and for the participa- tion of wage-earners in productive gains should be quickly developed. This is not only necessary from the standpoint of industrial equity, but also essential to the continued on- ward development of industry itself. Since the new industrial order was inaugurated in 1923 there has been too great emphasis placed upon wage prin- ciples and theories and too little attention given to their actual, practical application. Industrial leadership has ac- cepted in principle the “living wage,” the theory that the increased productive efficiency of labor should be rewarded by a participation in net revenue gains, and has unre- servedly advocated high wages as an economy, and as the underlying basis of continued industrial achievement be- cause of the dependence of mass production upon increased domestic purchasing power and consumption; but on the other hand, very few industrial leaders have given thought to a concrete method for working out this program. They have either voluntarily made advances in rates of pay, or have responded wholly or in part to demands made upon ————— i —————. 1 Statement in New York Times, November 26, 1927. 2 “American Labor Dynamics,” edited by J. B. S. Hardman; Harcourt, Brace & Co., New York, 1928; Part One, Ch. III, by Lewis Corey, entitled “The New Capitalism.”

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