Actually, the labor market was allowed to retain its main function only on condition that wages and conditions of work, standards and regulations should be such as would safeguard the human character of the alleged commodity, labor. To argue that social legislation, factory laws, unemployment insurance, and, above all, trade unions have not interfered with the mobility of labor and the flexibility of wages, as is sometimes done, is to imply that those institutions have entirely failed in their purpose, which was exactly that of interfering with the laws of supply and demand in respect to human labor, and removing it from the orbit of the market.
Karl PolanyiRelated topics
above character condition done human interfering labor legislation market mobility orbit purpose respect should trade wages work LawsRelated quotes
Let there be no doubt that our present rate of inflation is the main cause of our economic difficulties. There never has been a more mistaken piece of economic analysis than the view that we should accept inflation to avoid unemployment. Inflation today, so far from being an alternative to unemployment, is its main cause. If our rate of cost increase is allowed to continue close to twice that of the average for the developed world it will increasingly price us out of world markets. Employers...will have to restrict their activities and still more their labour force in response to mounting and uncontainable wage and salary bills.
Roy Jenkins
In the future it will be necessary on the one hand to establish a balance between the intimate and individualistic demands for housing, and on the other to take full account of general social conditions. Thus, for example, cooking should be transferred from the private single kitchen into the communal cooking laboratory; the main meal should be consumed in public eating establishments; and the rearing of children should become the responsibility of the kindergarten or the school... Presently our goal is the transition from housing as an agglomeration of many private dwellings to housing communes.
El Lissitsky
[B]efore she accepted the offer she had to know if the President-elect would support her in advocating the programs she would wish to pursue as secretary of labor. ...[S]he pulled out a little slip of paper ...the list of goals about which she felt passionate. Among other items on the list were laws for minimum wages and maximum hours, for unemployment insurance and old-age insurance. ...Only when he firmly assured, "I'll back you," could she think about... accepting the offer.
And so... on March 4, 1933 Frances Perkins became the first woman to serve in the United States Cabinet... The legacy of her years in office continues to affect the life of every U.S. citizen.
Frances Perkins
Coal being then the chief source of power, much industrial reconstruction depended on there being a plentiful and cheap supply. But the newly nationalized industry was not doing well. Productivity failed to increase in step with increases in mechanization. Men were leaving the mines in large numbers for more attractive opportunities in the factories. Among those who remained, absenteeism averaged 20 percent. Labor disputes were frequent despite improved conditions of employment. Some time earlier the National Coal Board had asked the Institute to make a comparative study of a high producing, high morale mine and a low producing, low morale, but otherwise equivalent mine.
Eric Trist
Figure 12-6 pulls together in a simplified way the main elements of income determination. Without saving and investment, there would be a circular flow of income between business and the public: above, business pays out wages, interest, rents, and profits to the public in return for the services of labor and property; and below, the public pays consumption dollars to business in return for goods and services.
Realistically, we must recognize that the public will wish to save some of its income, as shown at the spigot Z. Hence, businesses cannot expect their consumption sales to be as large as the total of wages, interest, rents, and profits.
Paul Samuelson