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Wages, Risk, and Profits in the Whaling Industry

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  • Elmo P. Hohman

Abstract

I. Wages. — The lay system of wage payment, 641. — Partial shifting of industrial risk from entrepreneur to worker, but no corresponding change in the proportion of profits and wages, 644. — The fall of the fractional lay, 648. — Real wages further lowered by abuses and extortionate charges, 650. — Lack of incentive under the lay system, 651. — Cosmopolitan character of the whaling crews, 653. — Whaling properly regarded as a trade, 654. II. Risk. — The whaling entrepreneur preeminently a dealer in risks. — Three main types: labor, physical, and business risks, 655. — Extraordinary fluctuations in whaling cargoes, 657. — Measures designed to offset risks: the lay system, diversified ownership, marine insurance, 659. III. Profits. — Extreme fluctuations, 662. — Average profits, 663. — Normal rate of profit a modest one, 665. — Illustration of "prizes and blanks" theory, 666. — Relative proportions of profits and wages, 667. — Despite large element of chance, business ability essential for long-run success, 667.

Suggested Citation

  • Elmo P. Hohman, 1926. "Wages, Risk, and Profits in the Whaling Industry," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 40(4), pages 644-671.
    • Handle: RePEc:oup:qjecon:v:40:y:1926:i:4:p:644-671.
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    File URL: http://hdl.handle.net/10.2307/1884458
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    Cited by:

    1. Hilt, Eric, 2006. "Incentives in Corporations: Evidence from the American Whaling Industry," Journal of Law and Economics, University of Chicago Press, vol. 49(1), pages 197-227, April.
    2. Michele Baggio & Metin Cosgel, 2023. "Racial Diversity and Team Performance: Evidence from the American Offshore Whaling Industry," Working papers 2023-04, University of Connecticut, Department of Economics, revised Feb 2024.

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