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

LABOR'S NEW STATUS 287% is more suitable for an undertaking where an expansion of demand may develop, without reductions in rates or prices, or to the revenue gains to which wage-earners may con- tribute through cooperation in securing customer good- will and patronage. It is admirably suited for an equitable sharing of the revenue gains of public utilities, such as street and steam railways, but not so just or practical for manufacturing and mining industries. To summarize briefly, therefore : a practical basis of pro- cedure would provide: {. For the establishment of adequate basic or minimum rates of pay for the lowest grades of workers accord- ing to accepted budgetary standards showing what the earning requirements of the unskilled worker should be. Provision for the maintenance of pre-existing differ- entials above these minimum rates according to skill, hazard, responsibility and productive efficiency. The arrangement of indices by which the foregoing wage-scales would be periodically adjusted accord- ing to fluctuations in living costs, and, The adoption of an equitable method by which labor’s share in the productive gains of industry over and above its regular wage rates could be deter- mined. If the productivity of industry as a whole increases materially, this would, of course, be prima facie evidence for increasing the basic rates of pay so as to allow for permanently higher standards of ljv- ne. 2. \ J a Such a basis of procedure as the foregoing is of funda- mental importance to labor, not primarily because of the gains in economic well-being which it may make quickly possible for individuals and labor as a class. but for the

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