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POLITICAL  ECONOMY

From  time  to  time  readjustments  of  wages
are  essential.  Unfortunately  it  usually  happens ­
  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  peaceableness ­
  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  sufficiently ­
  firm  foundation  for  unhesitating  pronouncements, ­
  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  business ­
  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