THEORY OF PRODUCTIVE EFFICIENCY 199

occupational groups, and secure, both for the lower and
higher groups of wage-earners, an agreement from emnloyers
 as to a practical, technical method for determining
specifically what the respective shares of each and all
groups shall be in the productive gains in industry. In this
connection, the American Federation of Labor has already
established a new basic principle, which it has termed “the
social wage,” namely, that it is not sufficient for labor alone
to have a share in increased productivity, but such a share
should be proportionate to other classes in order that the
aconomic and social advancement of wage-earners may be
relatively the same as other groups.
Organized labor and consumers will also in due time un-Joubtedly
 take up practically the relation of the methods
of security flotations and corporation finance to productive
 gains, and raise the question as to the participation of
investment bankers and the owners of corporate securities.
These questions are ultimately fundamental and will re-Juire
 time and constructive thought and effort. For the
immediate future, the pressing problem will undoubtedly
be the working out of the shares of occupational groups in
a practical and just way. These and other important queslions
 may be also more comprehensively weighed in a subsequent
 chapter, after the next and final development of
post-war wage theory has been considered, namely, the relation
 between wages, purchasing power, and industrial
prosne, tv