CHAPTER X.

SOCIALISM AND THE SOCIAL QUESTION.

A Social Question recognised by Contemporary Economists, 297--Mr. Cairnes on the Situation, 297--Socialist Indictment of Existing _Régime_, 299--1st, the "Iron Law of Wages," 300--Alleged Deterioration of Wage-Labourers' Position Unfounded, 301--Their Standard of Living Better, 302--Their Individual Share in the National Wealth more, 304--The "Iron Law" Misunderstood by Socialists, 305--The "Iron Law" Itself Unsound, 307--The Rate of Wages really Depends on the _per capita_ Production, 307--Prospects of Increasing _per capita_ Production, 312--Piecework, 314--Shorter Day of Labour, 318--2nd, Alleged Multiplication of Vicissitudes, 323--Effects of Machinery, 323--Temporary Redundancies, 324--Serious Redundancies Lessening, 324--Value of Good System of Commercial Statistics, 325--3rd, Alleged Expropriation of the Value of the Labourer's Work, 327--How Value is Constituted, 327--Justice of Interest, 329--Social Importance of Work of Capitalist Employer, 330--Public Value of Private Property, 333--Value of Freedom, 334--_Laissez-faire_, 336--Necessity for Opportunities of Investment, 338--Co-operative Production, 338--Advantage of Interlacing of Classes, 340--Reason of exceptionally good House Accommodation among Working Classes of Sheffield, 341.