PART II

THE VALUE OF HUMAN SERVICES 171-355

DIVISION A--LABOR AND WAGES

20 LABOR AND CLASSES OF LABORERS: RELATION OF LABOR TO WEALTH; VARIETIES OF TALENTS AND OF ABILITIES IN MEN 173

21 THE SUPPLY OF LABOR: WHAT IS A DOCTRINE OF POPULATION? POPULATION IN HUMAN SOCIETY; CURRENT ASPECT OF THE POPULATION PROBLEM 184

22 CONDITIONS FOR EFFICIENT LABOR: OBJECTIVE PHYSICAL CONDITIONS; SOCIAL CONDITIONS FAVORING EFFICIENCY; DIVISION OF LABOR 195

23 THE LAW OF WAGES: NATURE OF WAGES AND THE WAGES PROBLEM; THE DIFFERENT MODES OF EARNING WAGES; WAGES AS EXEMPLIFYING THE GENERAL LAW OF VALUE 205

24 THE RELATION OF LABOR TO VALUE: RELATION OF RENT TO WAGES, RELATION OF TIME-VALUE TO WAGES; THE RELATION OF LABOR TO VALUE 215

25 THE WAGE SYSTEM AND ITS RESULTS: SYSTEMS OF LABOR; THE WAGE SYSTEM AS IT IS; PROGRESS OF THE MASSES UNDER THE WAGE SYSTEM 226

26 MACHINERY AND LABOR: EXTENT OF THE USE OF MACHINERY; EFFECT OF MACHINERY ON THE WELFARE AND WAGES OF THE MASSES 236

27 TRADE-UNIONS: THE OBJECTS OF TRADE-UNIONS; THE METHODS OF TRADE-UNIONS; COMBINATION AND WAGES 245

DIVISION B--ENTERPRISE AND PROFITS

28 PRODUCTION AND THE COMBINATION OF THE FACTORS: THE NATURE OF PRODUCTION; COMBINATION OF THE FACTORS 257

29 BUSINESS ORGANIZATION AND THE ENTERPRISER'S FUNCTION: THE DIRECTION OF INDUSTRY; QUALITIES OF A BUSINESS ORGANIZER; THE SELECTION OF ABILITY 265

30 COST OF PRODUCTION: COST OF PRODUCTION FROM THE ENTERPRISER'S POINT OF VIEW; COST OF PRODUCTION FROM THE ECONOMIST'S STANDPOINT 273

31 THE LAW OF PROFITS: MEANING OF TERMS; THE TYPICAL ENTERPRISER'S SERVICES REVIEWED; STATEMENT OF THE LAW OF PROFITS 282

32 PROFIT-SHARING, PRODUCERS' AND CONSUMERS' COÖPERATION: PROFIT-SHARING; PRODUCERS' COÖPERATION; CONSUMERS' COÖPERATION 292

33 MONOPOLY PROFITS: NATURE OF MONOPOLY; KINDS OF MONOPOLY; THE FIXING OF A MONOPOLY PRICE 302

34 GROWTH OF TRUSTS AND COMBINATIONS IN THE UNITED STATES: GROWTH OF LARGE INDUSTRY IN THE UNITED STATES; ADVANTAGES OF LARGE PRODUCTION; CAUSES OF INDUSTRIAL COMBINATIONS 312

35 EFFECT OF TRUSTS ON PRICES: HOW TRUSTS MIGHT AFFECT PRICES; HOW TRUSTS HAVE AFFECTED PRICES 323

36 GAMBLING, SPECULATION, AND PROMOTERS' PROFITS: GAMBLING VS. INSURANCE; THE SPECULATOR AS A RISK TAKER; PROMOTER'S AND TRUSTEE'S PROFITS 333

37 CRISES AND INDUSTRIAL DEPRESSIONS: DEFINITION AND DESCRIPTION OF CRISES; CRISES IN THE NINETEENTH CENTURY; VARIOUS EXPLANATIONS OF CRISES 345