8. It should be administered through machinery which makes
possible careful study of facts of each industry. This
machinery discussed.

Sec. 9. The question of the relation to be established between
living wage for men and women difficult. Alternatives
considered.

Sec. 10. A plan for the adjustment of the living wage to price
changes. The basis of adjustment.

Sec. 11. The policy of adjustment--already discussed.

Sec. 12. The hope of the living wage policy.

Chapter X--The Regulation of Wage Levels 209

Sec. 1. Why there must be in industry an ordered scheme of wage
relationship between each and every group of wage earners.
The limits of collective bargaining as a factor in
industrial peace.

Sec. 2. In the beginning, the scheme must probably be based on
an acceptance of existing wage "differentials." The reasons
for this are of a practical kind.

Sec. 3. Any policy which planned to develop a scheme of wage
relationships merely by maintaining existing differentials
would be bound to fall to pieces in the end. The
difficulties that would arise.

Sec. 4. Two principles proposed as the basis of the desired
scheme of wage relationship. Their meaning as applied
doctrines.

Sec. 5. These principles open to criticism both on practical
and theoretical grounds. The chief criticisms examined and
taken into account.

Sec. 6. Some notes on the best method of administering these
principles. The necessity of avoiding political
interference, if possible.

Chapter XI--The Regulation of Wage Levels
(_Continued_)--Wages And Prices 231

Sec. 1. The scheme of wage relationship must recommend itself
as just to the wage earners and the community in general.
The ultimate distributive question to be met is the division
of the product between profit and wages.

Sec. 2. Provision for the adjustment of wages to price
movements would aid, however, towards reaching distributive
goal. A policy of adjustment suggested.

Sec. 3. The difficulty of maintaining scheme of wage
relationship of wages adjusted to price movements. The best
method of adjustment a compromise.

Chapter XII--The Regulation of Wage Levels
(_Continued_)--Wages And Profits 239

Sec. 1. The profits return in industry, under any policy of
wage settlement, will be closely scrutinized.

Sec. 2. The possibility of measuring a "fair" profits return
for all industry d