A Quote by Henry Ford
You can't tell me you can make any system or country work with low wages and high prices, and high wages with high prices don't mean anything when the prices eat up the wages and don't leave anything over.
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What we must seek is a plan by which the men will receive high wages when the employers are receiving high prices for the product.
The youth of Taiwan not only have to face the harsh reality of low wages and high commodity and housing prices, but due to the lack of employment opportunities, many young people are forced to leave their home towns to search for jobs in the cities.
High prices can be the result of speculation, and maybe plunging prices can be attributed to the end of speculation, but low prices over time aren't caused by speculation. That's oversupply, mainly by Saudi Arabia flooding the market with low-priced oil to discourage rival oil producers, whether it's Russian oil or American fracking.
Lower oil prices won't, by themselves, topple the mullahs in Iran. But it's significant that, historically, when oil prices have been low, Iranian reformers have been ascendant and radicals relatively subdued, and vice versa when prices have been high.
Requiring the payment of higher wages will lead to a loss of some jobs and a raising of prices which drives companies to search for automation to reduce costs. On the other hand, those receiving higher wages will spend more (the marginal propensity to consume is close to 1 for low income earners) and this will increase demand for additional goods and services. Henry Ford had the clearest vision of why companies can actually benefit by paying higher wages.
In the U.S., PC-makers have no incentive to lower prices because it kills their profit margins. They keep adding new features like high-end retina displays and faster processors to justify their high prices.
The American people have no idea they are paying the bill. They know that someone is stealing their hubcaps, but they think it is the greedy businessman who raises prices or the selfish laborer who demands higher wages or the unworthy farmer who demands too much for his crop or the wealthy foreigner who bids up our prices. They do not realize that these groups also are victimized by a monetary system which is constantly being eroded in value by and through the Federal Reserve System.
The working classes may be injuriously degraded and oppressed in three ways:
1st - When they are neglected in infancy
2nd - When they are overworked by their employer, and are thus rendered incompetent from ignorance to make a good use of high wages when they can procure them.
3rd - When they are paid low wages for their labour.
My message is that the counterclaim - which is that if wages go up, employment will go down - is a scam. It's a con job. It's an intimidation tactic. There is absolutely no evidence anywhere that it's true. On the contrary, where you find high wages you usually find low unemployment.
Its all big money, high rent, high prices in New York City now. The poor people completely got rolled over. I've never seen anything like it in my life. It's disgusting.
If you want to think of a company as a system, design the system to benefit all. So how can you raise wages, increase training, and reduce carbon, and provide low-prices? We believe that it's possible to deliver, and I find a lot of other likeminded CEOs, as it relates to thinking that way.
No business which depends for existence on paying less than living wages to its workers has any right to continue in this country... By living wages I mean more than a bare subsistence level - I mean the wages of decent living.
I am in favor of high wages and agree that the higher the wages, the stronger the evidence of prosperity, provided (and that is the important point) they are so naturally, by the effectiveness of industry, and not in consequence of an inflated currency or any artificial regulation.
To economists, prices serve as crucial signals to producers and consumers. In a regulated market, the state sets prices high enough for private companies to cover their costs and earn a guaranteed profit for their investors. But in a deregulated market, prices should vary with demand and supply.
Where the army is, prices are high; when prices rise the wealth of the people is exhausted.
There is no inherent mechanism in our present system which can with certainty prevent competitive sectional bargaining for wages from setting up a vicious spiral of rising prices under full employment.
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