The Settlement of Wage Disputes

Metadata

Gutenberg ID

27519

Title

The Settlement of Wage Disputes

Language

en

Book source

Project Gutenberg

Description max 80 words

Herbert Feis proposes a policy for industrial peace based on standardized wage rates and joint industry councils. This economic treatise argues that permanent stability requires moving beyond compromise to enforce fundamental principles governing wage distribution, production efficiency, and the welfare of workers.

Summary up to 500 words

In 'The Settlement of Wage Disputes,' Herbert Feis presents a comprehensive analysis of the American industrial landscape, aiming to formulate a policy that ensures lasting peace between labor and capital. The work is structured into two primary sections: an examination of current wage levels and the factors influencing them, followed by the formulation of principles for wage settlement. Feis critiques the prevailing reliance on compromise, arguing instead for a system of wage standardization. He posits that wages are determined by the volume of wealth flow, the relative scarcity of production agents, and the specific scarcity of labor types. Consequently, separate wage groups exist due to differences in ability, opportunity, and artificial barriers, necessitating a structured scheme of wage relationships rather than individual bargaining. To prevent wasteful labor shifting and ensure fair distribution, Feis introduces the concept of a 'standard wage.' He addresses the tension between high production and group welfare, suggesting that standardization can coexist with individual rewards through differential payment systems. The text further explores the necessity of a 'living wage' for the lowest-paid groups and the broader requirement for economic security. Feis advocates for the establishment of joint boards or councils in each industry to oversee welfare, steady employment, and insurance against unemployment. He warns against the dangers of population growth outpacing resource advances, emphasizing that industrial progress depends on mutual confidence, tact, and fair dealing between employers and workers. Ultimately, the book argues that effective production relies on the willingness to work hard and the establishment of a sense of common interest among all industrial participants. Feis concludes that while political machinery is complex, the enforcement of standardization under favorable circumstances will improve industrial organization and lead to a more intelligent use of labor, provided that the motives and sentiments of organized groups govern the actions of wage earners.

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Categories

• Economics
• Wages