The stock market crash - and after

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Monograph

Identifikator:: 1815583320

URN:: urn:nbn:de:zbw-retromon-204544

Document type:: Monograph

Author:: Fisher, Irving http://d-nb.info/gnd/118533541

Title:: The stock market crash - and after

Place of publication:: New York

Publisher:: Macmillan

Year of publication:: 1930

Scope:: XXVI, 286 S.; graph. Darst

Digitisation:: 2022

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter VIII. Scientific Research and Invention

Collection:: Economics Books

122 The Stock Market Crash—And After primary power by 22 per cent; and primary power per wage earner by 30.9 per cent (between 1919 and 1925) and productivity per wage worker by 53.5 per cent between 1919 and 1927. During this period (1919-1927), wage earners in factories had decreased by 2.9 per cent, but wages paid increased by 11.4 per cent (1919-1925). Prime cost increased (1919-1925) by 7.2 per cent, but unit prime cost decreased by 24.5 per cent. Productivity per wage earner, which had increased very slightly between 1899 and 1909 and actually diminished from 1909 to 1919, took an unprecedented leap after 1gar, recording its increase by more than one-half from 1919 to and including 1927, at the same time that unit prime costs were diminishing (1919-1925) by nearly one-quarter. The measurement of this astounding increase in production and in values, mainly during the course of the long bull market, is accurate. The new index of production of the Federal Reserve Board being worked by what is I have called the “Ideal Formula” in my book The Making of Index Numbers, shows how far, in this machine-power civilization, man is emancipating himself from the curse of Adam. From the hewing of wood and the drawing of water, the sweat and toil of the old slave population, man has thrust his burden upon the machine. He now watches the index gauges reveal their welcome increases in per capita output. What are the reasons for this throbbing change since 1919, and especially since 1922?

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