GIPE-PUNE-OIIOI2 - DSpace@GIPE

c;9All9,t ~e mterp~!!t~d a~· a ~.igp. ~£ :ec;n~ic catastrophe.
d«;c,~y .w:,
A. ~twly ,0£ "~al W,ages" mG,:~t :Britain yields the
r~1,llt ~hat "real :w~klyearp.ing$ increased by about 11
p.,tg .c::~Jl,t ~tween 19] 4 I'U)d '922.," ,and ",annual real earn,..
iJ)gs(iJl.cluding unemployment) increased by about 5 per
cent. "11 This fundamental c.onclusion is based on the
£9)Jo~ data of wage statistics :
1.. Nominal weekly wages:
1850: 1001920 :
1914 :
200
1928 :
500 .
350
2. Cost of living :.
1850 :
1914 :
fOO
110
1920 :
1928 :
27S
US
1859:
100 1970:
180
.914 :
J80 1978 :
190
4. Real annual wage 'income (taking unemploy­
Plent into ~CC01)p.t, but not taking into account overtime
or increased earnings due to other factors)":
1850: 100 1920: 185
1914: I~O 1928 : 180
17 TIl" f..ab!>!l!' rear /}09& j9J0 ,~~~), pp, fJPI.j)9: T~ 6~",r~ fJ1"
l?~cJ rm "Wllge ~Il~s" ,,,,tl J).ot '111 "~r'*'lJs." "E.ar!lings J>!!-ve in~reas~
more than w/lge rates, owinli tq a shift ov';r to pie«:e-rate~, and owing al~
to an increase' in. productivity due to improved. process';"','; etc. In regard
to the wage trends of some other countries see "The Business Depression
qf i9W' (Go.odrich) iR the Ameril:llfl. EI'/iIA/l1Jl.ie Resi"w,5upple~nt,
March 1931, pp. 187-189.