CONTENTS

will

standard of living. Numbers and individual efficiency both affected.
Cumulative nature of effects. The economy of spending important.
The iron law of wages, The net product of labour and the standard
of living are each equalised with the rate of wages. The cost of
production of labour. Influence of monopoly on either side of the
labour market. Indeterminateness of the results of collective
bargaining. Monopoly on employer’s side removes need for reduction
of marginal productivity of labour to the level of its cost . 118-135

PAGES

CHAPTER IX

SPECIAL PROBLEMS OF WAGES: METHODS OF
REMUNERATION

AUTHORITIES
See note at head of Chapter VIII., and
HapLEY . . ““ Economics,” Chapter X,
Sepross ©. “Methods of Industrial Remuneration.’

Supply of labour sometimes maintained in the face of starvation wages.
Supply-price of child labour. Services of learners not wholly
compensated in wages. Neglect of the future involved in early
industrial employment of children, Parasitic industries. Supply of
unskilled labour not restrained by low wages, and resulting hardship
to the labourers. Possibilities of relief. The Wages Fund doctrine not
wholly untrue. It fails to represent correctly the relation of wages to
capital, The parallel theory known as the Lump of Labour theory.
Shorter hours as a means of providing work for the unemployed : lacks
logical basis. The minimum wage doctrine. Restriction of entry into
a trade keeps up its wages but cannot be universally applied. The
unemployable. Are improved conditions the result of union action
or of independent causes? Terms of contracts concluded with unions
apply to others in practice. The wages problem a problem of the
employment of labour with a view to profit. The level of wages
dependent on the wealth to be created rather than on that already
2xisting.
Time-wages and piece-wages. The former are related to the output
 commonly attained. Task-wages. Bonus on speed, progressive
wages. Group payment and the stimulus to effort it affords, The
premium plan.  Profit-sharing or industrial partnership. Cooperative
 production and conditions affecting its success. Desirability
of direct connection between exceptional effort and the reward for it.
Moral elements in the efficiency of labour. Sliding-scales, how
arranged and carried out. Favourable and unfavourable features . 136-150