| Show living liv ing scale Is lower since war economic economics of country dominated by ite its effects new I 1 ork rho cale peale of living for tile hi Aint rican people BI as a whole Is lower than t afore the war according to ir dr 1 U it 11 Inc t new I 1 ork mining 4 hinr Ki nr t r nn I 1 t on mitt who hill tm juit just a miney purey of thu the economic inar cl fir 1021 for tho tile american IAti tutA f mining and metallurgical I 1 detor ingulli ln A member of the hu bu creati t t f ri search thinks that he tile outlook for business re i Hi liln lii 1 04 fed for direct uee use li Is good lut but hint it li Is not so good for tiling that tilo of mallm mine farto alem etc require I 1 hlll ro economics 1 of this thin vou its well ell an of the net mat of the lorld b the consequences of the tile nr atul nil I 1 hilink that it will be he runny arm lefore we me ire clear of I 1 it in h 11 in the tha ahro re will I 1 ups and down donns in bust 1 its I 1 alering 1111 nl erIng eNers thing in I 1 the dc de of if the nr eideh brought utran kutrla grinan girman and russia to ruin nn ther other countries nit t mm the tile united baates escaped PI plen 1 OAR let ct in I 1 drope ant Arner amerlyn lert alike 11 ll tr orp dp dpi doped eloped a ano antal unbalance in the thoughts thou clit of inen that in some ft iny ay the war mar had produced conditions whereby ifie rebY men could enjoy nn an improved ecale of f hi in without being con strained to work mork so hard as formerly there developed other condition conditions which late put herlous olista cles in the way of the international division of labor these nese adease development developments roay may be characterized as the international unbalance farmer hard hit in the united states a fundament fun damen con consequence dequence of the war mar was the ul uett Vetting in of the old economic equi in our domestic system this produced what I 1 call the primary un balance between property and man on the one hand and labor on the other and the secondary ance among classics of labor some of them have haie benefited greatly while others have hae suffered acutely there are tertiary and ternary unbalances among the divisions and groups of classes of labor the economic discomfort of the farmers Is ascribable in part to the international unbalance and in part to the domestic primary unbalance the farmers being owners of property who have suffered at the hands of town labor similarly Is the unhappy position of the white collar classes of labor attributable to the secondary unbalance imong among workers themselves 1 I do not think that the Amer american lenn people as a whole are enjoying so good a scale of living as prewar pre war although fowe classes have improved their status as its a consequence of the anning A fundamental reason for thie this opinion ion la is that we are not producing enough which Is ascribable la in part to the increased diversion of labor to service and in part to the slackening in hours and efficiency per hour by those who are tire working as direct producers although engineering and management have done something to offset this it has not been possible for them to develop a complete compensation within so short a time the effects of these fundamental conditions are bound to be slow blow we may go through 1924 4 with the general feeling that all Is well and indeed superficially look so 80 we things may may way even try to make some sort of a forecast from these fundamental conditions all will become clear in a general way we may expect a continuance in activity in the production of consumers goods and dullness in thoc branches that pertain espi especially to capital goods there will be upswings and downswings according g as producers misread the signs and overproduce some things with the of accumulation of stocks where of orderly digestion must then be awalter the tito setback in business activity in the litter latter half of 1023 3 Is ex in that way li in all kinds of production we hall shall for or a 4 lone long time tim experience the effect effects of the excess ly 1 provision of producing capacity that happened during the war the desire to make use of surplus rapacity will contract margins of profits and will be a constant cont tant incentive coard overproduction of mome kinde kinds of goods labor iab no understanding der of real condition conditions will behave more and mory moru in strangling nay mays 11 alvon ven now we me fores forwe a great strike of bituminous coal miners next april to thone those who will weigh these much that wine seems paradoxical will become clear retail trader traders are dolne doing larco large bu business and are optimistic tho the manufacturers of many kind kinds of machinery on the contrary find thins things slow and find in their sentiment range from doubtful to pessimistic the one line has to do with consumers goods the other with biffi capital goods any forecast should of course take into account the of german collapse collo pee and should allow for surprises 1 elsewhere american eco nomica are not independent of those of the reel rest of tho the world I 1 let anybody draw what deduction deductions from these opinions that ho lie my own on deduction li to that real well being awaits the removal of a rood good many economic restrictions with nith which we me have enmeshed ourselves and the restoration to of the old economic equilibrium |
