Sec. 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.
Sec. 2. Wage incomes determined by great number of forces. The
three most important and constant among these stated.
Sec. 3. These three to be taken up in order. The volume of the
flow of wealth in the county of the worker the first to be
considered. Its relation to wages indirect, as all product
is joint result.
Sec. 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.
Sec. 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.
Sec. 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.
Sec. 7. Many important modifying forces to the influence upon
wages of relative plenty or scarcity. The most important
considered.
Sec. 8. The forces determining the sharing out of the product
of industry summarized. The idea of normal equilibrium in
distribution a mistaken one.
Sec. 9. A brief analysis of the factors which determine actual
plenty or scarcity of the different agents of production at
any one time.
Sec. 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.