Labour policy—false and true : $b A study in economic history and industrial economicsMacassey, Lynden Livingston
History
Labour policy—false and true : $b A study in economic history and industrial economics
Macassey, Lynden Livingston
Industrial policy -- Great Britain; Labor economics -- Great Britain; Labour Party (Great Britain)
It is essential to realize the practical difficulties in the way of
the workers getting the higher wages which all would like to see them
receive. There was a Census of Production in 1907 which included all the
manufacturing industries and mining, and covered half the wage-earners
in the United Kingdom. It ascertained the “net output” for each industry
for the year by estimating the selling value of the gross product, and
subtracting therefrom expenditure on raw materials, including the product
of other industries which were further worked up, and fuel and some other
items. The net output thus obtained is obviously for each industry the
only fund from which first, wages, salaries, interest on capital, rent,
royalties and profits are, or can be, paid, and secondly, taxes, rates,
depreciation, advertisement and sales expenses. Professor Bowley, in his
_The Division of the Product of Industry_, Oxford: Clarendon Press, 1919,
takes the total net output of £712,000,000 for the industries covered
by the Census of 1907, and works out how much of it should be allocated
against the first set of items. I set out below in tabular form his
results (pp. 37 and 52):
£. Per
cent.
Wages 344,000,000 58
Salaries under £160 24,000,000 4
Salaries over £160 36,000,000 6
Interest on Capital at 4 per cent. and rent 48,000,000 8
Royalties 7,000,000 1
PROFITS 133,000,000 23
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£592,000,000 100
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Public-domain text, read in full here on John Shaqi.
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