Henry Ford in 1914, who offered workers $5.00 per day (a very high wage at the time) so they could afford to buy the same cars they made, is often invoked." - Meaning and context.">
QuotesCosmos
Part 3, Chapter 13, Employment and Unemployment, p. 158
“

This relationship is the foundation for the argument, made by some trade unionists and labour advocates, that high wages can actually be "good for business". The precedent set by Henry Ford in 1914, who offered workers $5.00 per day (a very high wage at the time) so they could afford to buy the same cars they made, is often invoked.

— Jim Stanford

What It Means

This is a placeholder explanation generated by the low-overhead model. It interprets "This relationship is the foundation for the argument, made by some trade unionists and labour advocates, that high wages can actually be "good for business". The precedent set by Henry Ford in 1914, who offered workers $5.00 per day (a very high wage at the time) so they could afford to buy the same cars they made, is often invoked." in the context of "Part 3, Chapter 13, Employment and Unemployment, p. 158" to mean that wisdom is timeless.

Source: Wikiquote: "Jim Stanford" (Sourced, Economics For Everyone (2008)) The 'What it means' explanation text was generated by Google Gemini Flash (accessed January 18, 2026). https://gemini.google.com/app

Tags

#Jim Stanford#high#relationship#foundation#unionists#advocates#precedent#argument#actually#business#offered#workers
Jim Stanford

About Jim Stanford

Jim Stanford is the resident economist for the Canadian Auto Workers and founder of the Progressive Economics Forum. He holds a Master’s degree in Economics from Cambridge University, and a Ph.D. from the New School for Social Research.