Wealth in the United
States mean what they are commonly assumed to mean?" In the
March, 1917, issue of the _Journal of the American
Statistical Association_.

CHAPTER III--THE PRINCIPLES OF WAGES

Section 1. A knowledge of the forces governing existing wage levels
essential in any attempt to work out a policy of wage settlement
for industrial peace.--Section 2. Wage incomes determined by great
number of forces. The three most important and constant among these
stated.--Section 3. These three to be taken up in order. The volume
of the flow of wealth in the country of the worker the first to be
considered. Its relation to wages indirect, as all product is joint
result.--Section 4. The scientific management theories of wages
based on a misconception of the relation between the productive
contribution of labor and wages. These theories merely an
elaboration of one method of wage payment. They have perceived one
important truth, however.--Section 5. The "group-demand" theory of
wages as held by some trade unions, based on a similar
misconception. Valid, sometimes, from group point of view; unsound
from point of view of labor in general.--Section 6. The second
important force determining wages is the relative plenty or
scarcity of the different groups or agents of production. How this
governs the share of the product going to wage earners.--Section 7.
Many important modifying forces to the influence upon wages of
relative plenty or scarcity. The most important
considered.--Section 8. The forces determining the sharing out of
the product of industry summarized. The idea of normal equilibrium
in distribution a mistaken one.--Section 9. A brief analysis of the
factors which determine actual plenty or scarcity of the different
agents of production at any one time.--Section 10. The third
important force introduced--the relative plenty or scarcity of
different kinds of labor. The existence of relatively separate
groups of wage earners discussed. The nature of an investigation of
the principles of wages.

1.--In the preceding chapter, an attempt was made to mark some of the
broader tests which will confront any policy of wage settlement for
industrial peace and to foresee the ends that must be accomplished. An
effort was made to define some of the conditions of industrial peace.