Our great increase in production has not followed an even course.
It has reflected the fluctuations of the business cycle. Although increased
industrial production has generally been accompanied by rising price
levels, such was not the case from 1921 to 1928, during which period
production increased without the lure of rising prices.Economic prosperity is conditioned by an abundance of natural
resources in proportion to population. It is further conditioned by the
state of the arts and by the intelligence and education of its people.
In these respects the United States is fortunate.The present industrial revolution in this country is responsible for
our increasing prosperity. In brief, this important movement involves
the increased use of power resources, the increased mechanization of
industry, the introduction of improved processes, mass production,
and the decrease of waste by scientific management within industry
and consolidation among industries.National prosperity does not guarantee individual prosperity.
Although the national income is large enough to afford an average
family wage which would be more than sufficient to maintain a decent
standard of living for all, it does not follow that such is the case. The
problems of economic inequality, inadequate wages, and poverty will
be discussed in the following chapters.
Collateral Reading
| BYE R. T., "Principles of Economics", chap. 2. | |
| BYE R. T. and HEWETT W. W., "Applied Economics", chaps. 2 and 3. | |
| BOUCKE O. F., "Principles of Economics", vol. 1, chap. 6. | |
| FISHER I., "Principles of Economics", chaps. 3 and 4. | |
| TUGWELL R. G., MUNRO T., and STRYKEN R. E., "American Economic Life", chaps. 6, 7, 8, 9, and 10. |
References
| CHASE S., "Tragedy of Waste". | |
| COBS C. W. and DOUGLAS P. H., "A Theory of Production", American Economic Review, Supplement March, 1928. | |
| Federated American Engineering Societies, Report on "Waste in Industry". | |
| KELSEY C., "Physical Basis of Society". | |
| KING W. I., "Wealth and Income of the People of the United States". | |
| National Bureau of Economic Research, Income in the Various States, 1919, 1920 | |
| and 1921," Income in the United States, 1309- 1918. | |
| STEWART W. W., "An Index Number of Producdon", American Economic Review, March, 1921. | |
| THOMAS W., "Economic Significance of Increased Efficiency of American Industry", American Economic Review, Supplement March, 1928. | |
| TUGWELL R. G., "Industry's C oming of Age". | |
| U. S. Bureau of Labor Statistics, Monthly Labor Review, series of articles on industrial productivity by E. Clague, July, October, November, December, 1926. | |
| U. S. Census Bureau, Reports. |
-97-
Questia, a part of Gale, Cengage Learning. www.questia.com
Publication information:
Book title: Social Aspects of Industry:A Survey of Labor Problems and Causes of Industrial Unrest.
Contributors: S. Howard Patterson - Author.
Publisher: McGraw-Hill.
Place of publication: New York.
Publication year: 1929.
Page number: 97.
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