Wealth and Income of the American People; A Survey of the Economic Consequences of the War
by Walter Renton Ingalls (9781116237924)

Purchase of this book includes free trial access to www.million-books.com where you can read more than a million books for free. This is an OCR edition with typos. Excerpt from book: CHAPTER II THE PRODUCTION OF COMMODITIES Before passing to consideration of the inventory of the wealth of the United States it will be advantageous to examine the data of production, for it is out of production that wealth accumulates. Production involves two elements (besides capital and brains), viz. materials and labor. For raw materials?the basic commodities?we possess statistics that are very well developed and are undoubtedly close approximations to the facts. For the labor applied to the manufacture of those materials, the distribution of the consumable goods, etc. we possess but little data that are useful quantitatively, but nevertheless we can get ideas about this subject. It is a common belief that the war stimulated great productivity, yet we are told in the same breath that the efficiency of labor diminished, and indeed we know from ample evidence that the latter was the case. Study of the broad data will throw light on this matter and will dispel some illusions. It will of course be instantly accepted that the two basic elements of production are raw material and labor, or raw material and man-power. The man-power is roughly reflected by the statistics of population. These are given in an accompanying table, which has been carefully computed by Dr. W. I. King, who has made interpolations between census enumerations by study of the birthand death rates and the immigration and emigration figures; except that for June 30, 1920, I have, myself, put down the round figure of 106,000,000, merely as a guess. Estimated Population Of The Continental United States (In thousands) Year Jan. 1 June 30190989,55790,370191091,34092,229191193,07093,811191294,50095,338191396,29097,278191498,31099,194191599,870100,4281916101,080101,7221917102,410103,0591918103,660104,1821919...

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