second,—or, thanks to our electric-light bills, the more familiar kilowatt-hour.
We are now concerned with the net current value of liberated effort from an economic standpoint—not for purposes of measurement, but to demonstrate, if possible, that there is something to measure; so that our problem is to study the results of our potential pressure when released for a new year of effort under orderly conditions, and try to measure what its duration is worth per hour in terms of our constant unit.
At this point it is only fair to acknowledge again with gratitude the work of the National Bureau of Economic Research, whose portentous findings, in spite of the disillusionment they promise, are still being taken calmly by an unsuspecting public.
The National Bureau shows that the per capita income of the United States in the year 1918 was 586 “1918” dollars. They add, “These figures do not include any allowance for the money value of the work done by housewives for their own families, an item which would add several billions to the money-total, if all housewives were paid on a commercial basis.”[1]
While we are still dealing with plastic data and generous estimates let us regretfully ignore the housewives, even though in the end we may find that our total dividend really belongs to them.
Now let us see if there is any possible check on our previous simple arithmetical projection of dollar wealth. We have the Bureau of the Census’ estimate of our wealth in 1912}} as 187.74 billion “1912” dollars, For the same year the National Bureau of Economic Research shows a national income of 33.0 billion “1912” dollars, This is a total yield of 17.5 per cent, gross, per annum.
Our rough projection of national wealth into terms of the “1918” dollar gave us a total of 448.43 billion “1918” dollars of the special brand vouched for by the Bureau of Labor Statistics. If we calculated our apparent earnings at the same rate, namely, 17.5 per cent, we get a total gross income of 78.47
- ↑ “Income in the United States,” 1921. Vol. I, pages 143–44. National Bureau of Economic Research, Inc. Harcourt, Brace & Co., New York.
