The Unemployment Problem

The Unemployment Problem

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1922 edition. Excerpt: overexpansion. The result is that the industrial system is thrown out of balance, production in some lines slows down, unemployment develops and ultimately affects the whole system of production. Wages, Profits and Prices as Causes of Present Unemployment: The European war had hardly gotten under way when the modern nations realized that there would be a demand for commodities on an unprecedented scale. The prices of stocks on hand rose rapidly. As the wage workers had to meet an increasing cost of living, strenuous demands for increases in wages were made. The placing of large numbers of men in the armies also created a scarcity of workers and helped labor to make its demands effective. Wherever production costs were increased through increased labor costs, business men were furnished with an incentive to raise prices. Additional impetus was given to the raising of prices by the way demand kept ahead of production and by the expansion of credit. To the extent that the rise in prices kept ahead of the rise of wages and other costs, producers were able to realize large profits. The culmination of this sequence of cause and effect between wages, profits, and prices was reached in May of 1920.1 1 National Industrial Conference Board. Service Letter No. 80, Septembers, 1921. With the cessation of war, the demand for many lines of goods rapidly declined, production was limited or cut off, prices began to fall, wages were cut or ceased altogether, profits were eliminated and losses entailed. In other industries where demand remained strong and this sequence did not follow, prices were maintained, high wage levels were demanded, and profits were made. To the extent that employers and employees in such industries take advantage of the...
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Product details

  • Paperback
  • 189 x 246 x 2mm | 82g
  • United States
  • English
  • black & white illustrations
  • 1236830105
  • 9781236830104