Chapter IV: Section III: The Moral Aspect of Profits

XV THE NATURE OF PROFITS 237
The Functions and Rewards of the Business Man 237
The Amount of Profits 239
Profits in a Joint-Stock Company 241

XVI THE PRINCIPAL CANONS OF DISTRIBUTIVE JUSTICE 243
The Canon of Equality 243
The Canon of Needs 244
The Canon of Efforts and Sacrifice 246
The Canon of Productivity 247
The Canon of Scarcity 250
The Canon of Human Welfare 252

XVII JUST PROFITS IN CONDITIONS OF COMPETITION 254
The Question of Indefinitely Large Profits 255
The Question of Minimum Profits 258
The Question of Superfluous Business Men 260

XVIII THE MORAL ASPECT OF MONOPOLY 262
Surplus and Excessive Profits 263
The Question of Monopolistic Efficiency 265
Discriminative Underselling 267
Exclusive-Sales Contracts 270
Discriminative Transportation Arrangements 272
Natural Monopolies 273
Methods of Preventing Monopolistic Injustice 275
Legalised Price Agreements 277

XIX THE MORAL ASPECTS OF STOCKWATERING 279
Injurious Effects of Stockwatering 281
The Moral Wrong 284
The "Innocent" Investor 286
Magnitude of Overcapitalisation 288

XX THE LEGAL LIMITATION OF FORTUNES 291
The Method of Direct Limitation 292
Limitation Through Progressive Taxation 296
The Proper Rate of Income and Inheritance Taxes 299
Effectiveness of Such Taxation 300

XXI THE DUTY OF DISTRIBUTING SUPERFLUOUS WEALTH 303
The Question of Distributing Some 303
The Question of Distributing All 308
Some Objections 311
A False Conception of Welfare and Superfluous Goods 314
The True Conception of Welfare 316
References on Section III 318