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 standard wage examined.

Sec. 5. The effect of the standard wage on individual independence and initiative.

Sec. 6. The effect of the standard wage on the distribution of employment within the group.

Sec. 7. Its effect upon industrial organization, prices, and managerial ability.

Sec. 8. Its effect upon the output of the wage earners. This question cannot be satisfactorily discussed apart from the larger one--that of the effect of unionism upon production.

Sec. 9. Wage standardization and the "rate of turnover" of labor.