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Tuesday, February 10, 2004  Friday, January 16, 2004 There is no other method to make wage rates rise than by investing more capital per worker. More investment of capital means: to give to the laborer more efficient tools. With the aid of better tools and machines, the quantity of the products increases and their quality improves. As the employer consequently will be in a position to obtain from the consumers more for what the employee has produced in one hour of work, he is able -- and, by the competition of other employers, forced -- to pay a higher price for the man's work.
-- Ludwig von Mises, "The Economic Role of Saving and Capital Goods"
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