he existence of these groups in the
United States to-day. Inequality of natural ability;
inequality of opportunity; artificial barriers. All these
contradictory to assumptions behind theory of general rate
of wages.

Sec. 4. Trade unions another factor in the formation of
relatively separate groups. Indirect effects in opposite
direction.

Sec. 5. Each of these groups has a relatively independent
economic career. There are a series of wage levels, all of
which are governed to a considerable extent by the same
forces.

Sec. 6. The way in which the relative plenty or scarcity of
each kind or group of labor affects its wages. Other forces
play a part also.

Sec. 7. The nature of wage "differentials."

Chapter V--Wages and Price Movements 87

Sec. 1. The transactions of distribution arranged in terms of
money. How does this affect the outcome of distribution as
regards wages?

Sec. 2. The characteristics of price movements.

Sec. 3. The direct and indirect effects of upward price
movements upon the distribution of the product.

Sec. 4. The direct and indirect effects of falling price
movements upon the distribution of the product.

Sec. 5. The doctrine of the "vicious circle of wages and
prices" examined. Its meaning and importance.

Chapter VI--Wages and Price Movements (_Continued_) 106

Sec. 1. The problems of wage settlement arising out of upward
price movements two in number: (a) Should wages be increased
during such periods? (b) If so, on what basis should
increases be arranged? The doctrine of the maintenance of
the standard of life analyzed.

Sec. 2. An alternative method of adjustment proposed, based on
a new index number.

Sec. 3. Periods of falling prices also present two problems of
wage settlement, similar in essentials to those presented by
upward movement. These problems discussed.

Chapter VII--The Standard Wage 121

Sec. 1. The remainder of the book will consist of an attempt to
mark out principles of wage settlement that could be applied
with relative peace and satisfaction in the settlement of
wage disputes.

Sec. 2. Some preliminary notes on the subsequent exposition.
The question of the political machinery required to put any
policy of wage settlement into effect, avoided on the whole.

Sec. 3. The principle of wage standardization defined and
explained.

Sec. 4. The characteristics of the standa