238 
POLITICAL ECONOMY 
From time to time readjustments of wages 
are essential. Unfortunately it usually hap 
pens that such readjustments are accompanied 
by industrial warfare in the form of strikes 
and lock-outs, which are wasteful of productive 
energy and leave behind them such embittered 
feelings that it becomes difficult for the 
smooth working of society on its economic 
side to be resumed. I propose now to 
consider whether a greater degree of peaceable 
ness cannot be insinuated into such of the 
re-arrangements of wages as in justice and 
fact are unavoidable. 
When we face this problem, in which are 
involved not only economic elements, narrowly 
conceived, but also subtle social elements that 
defy dogmatic definition and afford no suffi 
ciently firm foundation for unhesitating pro 
nouncements, so that in dealing with it one’s 
own peculiar bias cannot be altogether shut 
out, the thought will instantly occur that the 
civilised method of the law-courts might be 
adapted for the settlement of wages disputes. 
It is in the law-courts that many other busi 
ness disputes are settled. But this thought 
will arise only to be dismissed, except as 
regards minor disagreements or divergent 
interpretations of existing contracts, when we 
keep our attention steadily fixed on needs and