Thurman Arnold and Walton Hamilton

Thoughts on Labor Day

September 2, 1946

It says in the good book—the Bible, the Constitution or Adam Smith—that "man cannot live by wage rates alone." The rate is a sheer fiction unless there are "hours worked" to go along with it; and the more of these hours—that is, within the limits of decency, say forty or less—the more it signifies. But the rate is set down, not in units of value which remain the same from everlasting to everlasting, but in terms of dollars whose power to purchase may be—and just now is—a wasting asset.

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