THEORY OF PRODUCTIVE EFFICIENCY 199 
occupational groups, and secure, both for the lower and 
higher groups of wage-earners, an agreement from em- 
nloyers 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 produc- 
tive 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 ques- 
lions may be also more comprehensively weighed in a sub- 
sequent chapter, after the next and final development of 
post-war wage theory has been considered, namely, the re- 
lation between wages, purchasing power, and industrial 
prosne, tv