I06  THE  PROBLEM  OF  THE  UNEMPLOYED

§  y.  Where  a  Shorter  Day  Means  a  Smaller  Output.
But  in  many  other  departments  of  work  there  would
be  a  loss  of  productivity  by  shortening  the  working  day.
In  this  case  one  of  three  things  might  happen.  First  :
the  former  output  might  be  maintained  by  reduction  of
the  daily  wage  and  an  increase  in  the  number  of  those
employed  at  the  lower  wage.  On  this  supposition  there
would  be  no  increase  in  the  total  consumption  of  the
working  classes,  no  increase  in  the  volume  of  employment,
but  only  a  distribution  of  the  former  volume  of  employment ­
  among  a  larger  number  of  persons.  It  is  quite
conceivable  that  this  might  happen  in  the  engineering  and
other  trades,  were  trade  unions  able  and  willing  to
enforce  their  resolutions  against  the  use  of  over-time.
Since  the  absorption  of  the  whole  or  a  part  of  the
unemployed  would  strengthen  trade-organisation  and  improve ­
  the  position  of  workers  in  bargaining  with  masters,
it  is  considered  unlikely  that  the  shorter  working-day,
even  in  trades  where  the  output  was  diminished,  would
be  attended  by  an  actual  reduction  in  daily  wages.
Supposing  the  same  wage  was  paid  for  the  reduced  product,
one  of  two  results  would  follow.
§  8.  Where  the  Cost  of  a  Shorter  Day  conies
out  of  Profits.
In  cases  where  profits  were  above  the  minimum  required
to  maintain  the  continued  application  of  capital,  the  former ­
  aggregate  production  would  be  maintained,  the
increased  wages-bill  being  defrayed  at  the  expense  of
profits.  In  this  way  monopoly  profits,  and  other  “unearned ­
  ”  elements  of  income,  which  we  have  seen  to  be