The theory of the shortened working week

Goods are bought, not because men have leisure but because they have purchasing power; . . . If each worker produces less, but gets the same wages, the labor cost per unit of product is increased; . . . The capital cost is also increased unless the number of shifts is increased . . . Four predictions are suggested: (1) If wages do not decrease and if there is no increase in the number of shifts, costs and prices will rise, less will be consumed and there will be no decrease in unemployment . . . (2) If wages are not decreased but the number of shifts is increased, the decrease in the capital cost will partly neutralize the increase in labor cost. . . . (3) If wages are reduced to correspond with the decreased product, and if there is no increase in the number of shifts, the labor cost will remain the same, but the capital cost will rise. . . . (4) If wages are reduced and the number of shifts increased there will be a positive decrease in the total cost, prices will fall, more will be bought, and it will take more workers to supply the demand. . . .