I have purposely submitted the manuscript to persons of somewhat different opinion and outlook in order to derive criticism from more than one standpoint. Though I may not have succeeded always in keeping my personal views in the background, I have endeavoured to present judicially the pros and cons of the many controversial questions that necessarily arise in the course of the discussions.

July, 1925.

H. A. S.

The Nature of Social Economics-Social Economics

and Non-economic Factors-Money as a Measure of

Economic and Social Values-Limitations of Economic

Freedom-The Scope of Social Economics.

CHAPTER II. INVESTIGATIONS INTO POVERTY

Definition of Poverty-Destitution and Pauperism—

The Poverty Line-Requisite Information-Booth's In-

vestigation-Rowntree's Investigation-Bowley and

Burnett-Hurst's Investigation-Causes of Poverty-Ill-

distribution of Income the Central Fact.

CHAPTER III. THE WAGES OF LABOUR

§ 1. The Supply of Labour.

Population and the Supply of Labour-Increasing

Food Supplies-Invention and Organisation-Restric-

tion of Population-The Mobility of Labour.

§ 2. Theories of Wages.

Peculiarities of Labour-The Real Cost of Labour—

General

Wages and Machinery Relative Wages

-

Wages-The Subsistence Theory of Wages-The Wages

Fund Theory-The Residual Claimant Theory-The

Marginal Productivity Theory-General Conclusions on

the Theory of Wages.

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CHAPTER IV. THE WAGES OF LABOUR (continued) 65

§ 1. The Standard of Living.

Definition of the Standard-The Standard of Life as a

Basis of Wages—Objections to a Fixed Standard—Com-

petition of Underpaid Labour Abroad.

§ 2. The Minimum Wage.

Minimum Wage Legislation - Wages Regulation

Abroad-The British Trade Boards Acts-Method of

Fixing Trade Board Minima-Operation of the Trade

Boards ActsThe Inquiry of 1921-The Minimum

Wage in Agriculture A National Minimum Wage-

General Results of Minimum Wage Legislation.

§3. The Payment of Wages.

Payment by Time-Payment by Results-The Deter-

mination of Wages Rates-The Sliding Scale System-

Premium Bonuses: The Halsey Premium-The Rowan

Premium-Efficiency Systems of Wages.

CHAPTER V. HOURS AND EFFICIENCY

Reduction of Working Hours-The Case for a Reduced

Working Day-Night Work and Overtime-Labour

Turnover-Scientific Management-Advantages Claimed

for Scientific Management-Objections to Scientific

Management-Welfare Work.

CHAPTER VI. WOMEN'S WORK AND WAGES

Women in Industry-Relation to Men's Trades-

Men's and Women's Wages-Reasons for Low Rates of

Women's Wages-" Equal Pay for Equal Work "-

Women's Wages and the National Minimum-Closer

Relation of Wages to Needs State Subvention to

Families-The Home Worker.

CHAPTER VII. THE TRADE UNION MOVEMENT

Early Growth of Trade Unions-The Period of Con-

solidation-The New Unionism": Growth of Political

Action-Nature of Trade Unionism-Trade Union

Structure Union by Craft or Union by Industry ?—

Federation and Amalgamation-The General Council-

Functions of Trade Unions: (a) Insurance—(b) Collective

Bargaining-(c) Legal Enactment and Political Action-

Trade Unions and Adult Education.

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149

CHAPTER VIII. INDUSTRIAL UNREST

Causes of Discontent: (a) The Worker's Share—(b)

Hours and Conditions of Employment-(c) Trade Union

Recognition-(d) The Worker's Status-Conciliation and

Arbitration-British Legislation relating to Industrial

Disputes-The Whitley Reports-Work of Joint Indus-

trial Councils-Workshop Committees-Profit-sharing

-Limitations of Profit-sharing-Co-partnership-Causes

of Abandonment of Profit-sharing and Co-partnership

Schemes-Economic Aspects of Profit-sharing and Co-

partnership.

CHAPTER IX. THE CO-OPERATIVE MOVEMENT

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200

Producers' Societies-Co-operation in Banking and

Agriculture-Growth of the Consumers' Co-operative

Movement-Co-operation Distinguished from Capitalism

-The Dividend and Market Price-Economic Advan-

tages of Co-operation-Social Advantages of Co-opera-

tion-Defects in Present Co-operative System-Limits

to Co-operative Enterprise-The Co-operative Employee

-Relation to the Labour Movement.

CHAPTER X. THE CAUSES OF UNEMPLOYMENT

Economic Causes of Unemployment-Primary Econo-

mic Causes: (a) Lack of Co-ordination among Producers

(b) The Labour Reserve and Under-employment—

(c) Cyclical Fluctuations-(d) Insufficient Industrial

Training-(e) The Trust and Unemployment—(ƒ) Un-

equal Distribution-Economic Causes affecting Particular

Trades: (a) Seasonal Demand—(b) Irregular Demand-

(c) Inventions—(d) Industrial Disputes-Personal Causes

of Unemployment: (a) Physical Disability-(b) Old Age

-(c) Defects in Character-War and Unemployment:

(a) Diversion of Resources-(6) Reduction of Labour

Power in Quantity and Quality-(c) Depreciation of

Plant—(d) Crippling Markets—(e) Fiscal and Financial

Reasons: (i) Heavy Taxation—(ii) War-time Finance-

(iii) Reparations and Indemnities-Survey of the Causes

of Unemployment-The Effects of Unemployment: A

Vicious Circle.

226

CHAPTER XI. THE PREVENTION AND RELIEF OF

UNEMPLOYMENT

Preventive Measures-Schemes for Steadying Cyclical

Fluctuations: (a) Control of Credit Expansion—(b) Con-

trol of Public and Private Construction-Schemes for

Coping with Seasonal Fluctuations-Short Time as an

Alternative to Dismissals-Schemes for Coping with the

Reserve of Labour: (a) Improved Method of Engaging

Labour-(b) Decasualisation-(c) Absorption of the

Surplus-Control of Industrial Re-arrangements-Re-

distribution of Income and Change of Industrial System

-Relief of Post-War Unemployment: (a) Unemploy-

ment Grants Committee-(b) Government Departmental

Schemes (c) Trade Facilities Guaranteed Schemes-

(d) Proposed Schemes.

CHAPTER XII. CHARITY AND THE POOR LAW

I. Private and Public Aid.

Charity and Poor Relief-Forms of Charity-Diver-
gent Views on Private and Public Relief-Outdoor or
Workhouse Relief?-Sources of Information.

2. Development of the Poor Law.

Poor Relief before 1601: Dependence on the Church

-The Poor Law from 1601 to 1834-The Poor Law from

1834 to 1909-Reports of the Poor Law Commission,

1909- Majority Recommendations — Minority Recom-

mendations-The Poor Law since 1909- Survey of

Changes in Poor Law Policy.

CHAPTER XIII. SOCIAL INSURANCE

Nature and Extent of Social Insurance Savings as an

Alternative to Insurance-The Desirability of Unemploy-

ment Insurance-The Practicability of Unemployment

Insurance Financing and Administrating Unemploy-

ment Insurance-Should the Workers Contribute?—

History of Unemployment Insurance in the United King-

dom-Criticisms of the Unemployment Insurance Scheme

-Unemployment Insurance by Industry-Advantages

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