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Spread-the-Work Schemes 49words, have worked the same number of hours and got their totalweekly incomes increased by one-third, instead of merely getting, as theyare under the new thirty-hour week, the same weekly income asbefore. But if, under the forty-hour week, the workers were alreadygetting as high a wage as the level of production costs and pricesmade possible (and the very unemployment they are trying to curemay be a sign that they were already getting even more than this), thenthe increase in production costs as a result of the 33 3 ¼4 percentincrease in hourly wage rates will be much greater than the existingstate of prices, production, and costs can stand.The result of the higher wage rate, therefore, will be a much greaterunemployment than before. The least efficient firms will be thrown outof business, and the least efficient workers will be thrown out of jobs.Production will be reduced all around the circle. Higher productioncosts and scarcer supplies will tend to raise prices, so that workers canbuy less with the same dollar wages; on the other hand, the increasedunemployment will shrink demand and hence tend to lower prices.What ultimately happens to the prices of goods will depend upon whatmonetary policies are then followed. But if a policy of monetary inflationis pursued, to enable prices to rise so that the increased hourlywages can be paid, this will merely be a disguised way of reducing realwage rates, so that these will return, in terms of the amount of goodsthey can purchase, to the same real rate as before. The result wouldthen be the same as if the working week had been reduced without anincrease in hourly wage rates. And the results of that have already beendiscussed.The spread-the-work schemes, in brief, rest on the same sort ofillusion that we have been considering. The people who support suchschemes think only of the employment they would provide for particularpersons or groups; they do not stop to consider what their wholeeffect would be on everybody.The spread-the-work schemes rest also, as we began by pointingout, on the false assumption that there is just a fixed amount of workto be done. There could be no greater fallacy. There is no limit to theamount of work to be done as long as any human need or wish that
50 Economics in One Lessonwork could fill remains unsatisfied. In a modern exchange economy,the most work will be done when prices, costs, and wages are in thebest relations to each other. What these relations are we shall laterconsider.
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Economics in One Lesson
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viii Economics in One Lessonsubject
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x Economics in One LessonWhen it ca
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Page 15 and 16: xiv Economics in One Lessonbe fully
Page 18 and 19: CHAPTER 1The Lesson1Economics is ha
Page 20 and 21: The Lesson 5policies may become evi
Page 22: The Lesson 7are illustrated by exam
Page 26 and 27: CHAPTER 2The Broken WindowLet us be
Page 28 and 29: CHAPTER 3The Blessings of Destructi
Page 30 and 31: The Blessings of Destruction 15beca
Page 32 and 33: CHAPTER 4Public Works Mean Taxes1Th
Page 34 and 35: Public Works Mean Taxes 19absolutel
Page 36 and 37: Public Works Mean Taxes 21a lump su
Page 38 and 39: CHAPTER 5Taxes Discourage Productio
Page 40 and 41: CHAPTER 6Credit Diverts Production1
Page 42 and 43: Credit Diverts Production 27whole c
Page 44 and 45: Credit Diverts Production 29a chari
Page 46 and 47: Credit Diverts Production 31The pri
Page 48 and 49: CHAPTER 7The Curse of Machinery1Amo
Page 50 and 51: The Curse of Machinery 35If the rea
Page 52 and 53: The Curse of Machinery 37Mr. Edward
Page 54 and 55: The Curse of Machinery 39long run t
Page 56 and 57: The Curse of Machinery 41argued, fo
Page 58: The Curse of Machinery 43Yes, we sh
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Page 67 and 68: 52 Economics in One Lessonthe case
Page 69 and 70: 54 Economics in One Lessonsupport n
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Page 74 and 75: CHAPTER 11Who’s “Protected” b
Page 76 and 77: Who’s “Protected” by Tariffs?
Page 84 and 85: CHAPTER 12The Drive for ExportsExce
Page 86 and 87: The Drive for Exports 71would think
Page 88: The Drive for Exports 73Bad loans a
Page 91 and 92: 76 Economics in One Lessonlaw; and
Page 93 and 94: 78 Economics in One Lessonfrom indu
Page 95 and 96: 80 Economics in One Lessonimpositio
Page 98 and 99: CHAPTER 14Saving the X Industry1The
Page 100 and 101: Saving the X Industry 85with a sing
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Page 107 and 108: 92 Economics in One Lessonmake that
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Page 112 and 113: CHAPTER 16“Stabilizing” Commodi
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“Stabilizing” Commodities 99pro
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“Stabilizing” Commodities 101eq
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“Stabilizing” Commodities 103wh
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106 Economics in One Lessoncost. Le
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108 Economics in One Lessonrationed
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110 Economics in One Lessonpower, i
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112 Economics in One Lessonor stop
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CHAPTER 18Minimum Wage Laws1We have
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Minimum Wage Laws 117except by payi
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Minimum Wage Laws 119efficiency on
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122 Economics in One Lessonhim? And
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124 Economics in One Lessonprofessi
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126 Economics in One LessonThe unem
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128 Economics in One Lessonwhole co
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130 Economics in One Lessonbalance,
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CHAPTER 20“Enough to Buy Back the
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“Enough to Buy Back the Product
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142 Economics in One Lessonconditio
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144 Economics in One LessonProfits,
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146 Economics in One Lessonwealth.
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148 Economics in One Lessondemand:
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150 Economics in One Lessonthey wil
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152 Economics in One Lessonmoney ei
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154 Economics in One Lessonmaterial
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156 Economics in One Lessonmerely t
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CHAPTER 23The Assault on Saving1Fro
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The Assault on Saving 161to friends
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The Assault on Saving 163their buyi
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The Assault on Saving 165an eleven-
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The Assault on Saving 167this savin
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The Assault on Saving 169The argume
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The Assault on Saving 171includes m
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CHAPTER 24The Lesson Restated1Econo
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The Lesson Restated 177Now few peop
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The Lesson Restated 179the reformer
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The Lesson Restated 181oranges. Ora
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The Lesson Restated 183with sympath
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186 Economics in One Lessonparity p
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188 Economics in One LessonRobinson
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