44 ECONOMIC ESSAYS IN HONOR OF JOHN BATES CLARK 
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REAL WAGES IN FoRreIGN COUNTRIES AND THE UNITED STATES, JANUARY TO 
OcToBER, 1925. (From International Labor Review, April, 1926. P. 589.) 
October, 1925 July, 1925 January, 1925 
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We may summarize the discussion thus far by saying that high 
wages will prevail in any country with reasonably good natural 
resources in which the following factors are all found working 
in combination. 
1. A democratic tradition under which (a) every person, how- 
ever humble his origin, is encouraged to make the most of him- 
self and to climb as high on the economic ladder as his ability 
and training will permit, and (b) all useful occupations are 
regarded as equally honorable and in which, specifically, tech- 
nical, managerial and entrepreneurial positions are held in as 
high esteem as the so-called learned professions or even literary 
and artistic careers, so that a fair share of the best talent of the 
country is encouraged to seek those so-called practical careers. 
2. Habits of hard and prolonged work on the part of prosperous 
men, which will keep them at work even after they have enough 
wealth to enable them to retire to a life of ease and luxury. 
3. An efficient system of free and universal education, by means 
of which men are enabled to climb as high on the economic ladder 
as their natural ability and their ambition will permit, thus thin- 
ning out the numbers in the lower and less paid occupations, and 
training more high grade men for the technical and managerial 
positions, who can so organize and equip industries as to make 
high wages possible. 
4. An effective restriction of immigration which will prevent 
other and less prosperous countries from shifting their burdens 
of unemployment and low wages upon this country. 
4