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 II. Pre-war principles and methods

Collection:: Economics Books

PRE-WAR PRINCIPLES AND METHODS 41 fixing. On the other hand, the “subsistence standard,” with the necessary wage to support it, had been effectively advanced as the minimum below which wages should not be permitted to fall. Immediately before our declaration of war, a higher basic standard, designated as that of “minimum health and comfort,” had also been put forward as a further check upon the low earnings arising from the commodity theory of wages. The sanction of public opinion had also been given in the Clayton Act of 1916 to the declaration that labor was not a commodity or article of commerce. In addition to these minimum standards of wage-deter- mination, the more comprehensive principle known as “increased productive efficiency,” or the right of employees to share in the productive gains of industry in accordance with their contributions thereto, had been very ably pre- sented by some of the railroad “Brotherhoods” against the opposition of the railway managers. None of these new opinions or theories, however, had been widely sanctioned by public opinion or by the formal decisions of arbitration boards. They were being urged and discussed, and opinion was beginning to be centered upon them as bases for possible changes in practise in wage-adjustments, when the current of thought and action was temporarily but entirely diverted as the result of the war emergency ” 1517

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