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Comish, N. H., The Standard of Living. By Helene Reynard

452
Dibblee, G. B., The Psychological Theory of Value. By D. H. Robertson 606
Fahlbeck, P. E., Die Klassen und die Gesellschaft. By Prof. E.

Schwiedland ... ... ... ... ... ... ... ... 120
Finer, H., Representative Government and a Parliament of Industry. By

Graham Wallas
Fisher, Mrs. H. A. L., The Economic Position of the Married Woman.

By Prof. F. Y. Edgeworth ... ... ... ... ... ... 446
Flux, A. W., Economic Principles (Second Edition). By J. Lemberger
French, C. E., The Shop Committee in the United States. By. H. W.

Macrosty ... ... ... ... ... ... ... ... 467
Gide, Charles, Fourier, précurseur de la Coopération. By L. Smith-
Gordon ... ... ...

614
Hainisch, M., Die Landflucht. By Prof. E. Schwiedland ... ... 468
Hardy, C. O., Risk and Risk-bearing. By D. H. Robertson ... 608
Hastings, H. B., Costs and Profits : their Relation to Business Cycles.

By C. F. Bickerdike ... ... ... ... ...
Hearnshaw, F. C. J. Democracy and Labour. By L. L. Price ...
Herkner, H., Die Arbeiterfrage. By Prof. E. Schwiedland ... ... 122
Is Unemployment Inevitable ? By N. B. Dearle
Jones, Eliot, The Trust Problem in the United States. By H. W.
Macrosty ...

453
Joseph, H. W. B., The Labour Theory of Value in Karl Marx. By

James Bonar ... ... ... ... ... ... ... ... 434
Kennedy, W. P. M., Edited by, Social and Economic Conditions in
Canada. By Prof. H. E. Egerton ... ... ... ... ...

108
Keynes, J. M., Monetary Reform. By R. G. Hawtrey ... ... ... 227
Kötzschke, R., Allgemeine Wirthschaftsgeschichte des Mittelalters. By

J. H. Clapham ... ... ... ... ... ...
Kuske, B., Die Bedeutung Europas für die Entwicklung der Weltwirt.

schaft. By Prof. E. Schwiedland ... ...
Lavergne, B., Les coopératives de la consommation en France. By L.

Smith-Gordon ... ... ... ... ... ... ... ... 614
Lawrence, F. W. Pethick, The National Debt. By Prof. Edwin Cannan 609
Lescure, J., Des crises générales et périodiques de surproduction. By

J. I. Craig ... ... ... ... ... ... ... ... 613
Levy, H., Die Vereinigten Staaten von Amerika als Wirtschaftsmachet.
By Prof. J. H. Hollander ...

473
Lord, J., Capital and Steam-power, 1750-1800. By T. S. Ashton ... 617
Lotz, W., Valutafrage und öffentliche Finanzen in Deutschland. By

T. E. Gregory ... ... ... ... ... ... ...
Lowenfeld, H., The Birthright of Man. By J. Lemberger ... 621
Maclaren, W. A., Rubber, Tea and Cacao. By E. Cleveland Stevens... 624
Marriott, J. A. R., Economics and Ethics. By E. F. Jacobs ... ... 248
Menger, Carl, Grundsätze der Volkswirtschaftslehre. By J. Bonar .. 241
Miles, T. B., Industrial Unrest : its Cause and a Suggested Cure. By
J. Lemberger ... ... ... ...

" .. ... 621
Moreland, W. H., From Akbar to Aurangzeb. By Sir Theodore Morison 266
Munro, A. E., Monetary Theory before Adam Smith. By Prof. W. R.
Scott ... ...

... ... 264
Nippold, O., The Development of International Law after the World War.

By J. L. Brierly ... ...
Nussbaum. F. L., Commercial Policy in the Free Revolution. Bu

Prof. Holland Rose ...
Ogata, K., The Co-operative Movement

Rr
Schwiedland ...
Pasvolsky, L., and Moulton, H. G.,

struction. By L. Alston .
Perlman, S., History of Trade T

H. W. Macrosty

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PAGE Pigou, A. C., Essays in Applied Economics. By Henry Higgs ... 106 Rist, C., La déflation en pratique. By J. I. Craig

610 Robertson, D. H., The Ebb and Flow of Unemployment. By N. B; Dearle 444 Rowe, J. W. F., Wages in the Coal Industry. By H. S. Furniss Salzmann, L. F., English Industries in the Middle Ages. By J. H. Clapham ... ... ... ... ...

...
...

...
...

... 470

... Schwiedland, E., Volkswirtschaftslehre. Vol. III. By M. Epstein ... 119 Sells, Dorothy, The British Trade Boards System. By R. Wilson ... 249 Shah, K. T., Trade, Tariffs, and Transport in India. By Sir. J. M. Douie ...

. ... ... ... ... ... ... ... 115 Shepherd, E. C., The Fixing of Wages in Government Employment. By

Prof. H. Clay ...
Silberling, N. J., British Prices and Business Cycles, 1779-1850. By
J. H. Clapham ... ... ... ... ... ...

96

... Thurnwald, R., Die Gestaltung der Wirtschaftsentwicklung. By Prof. E. Schwiedland ... ... ... ... ...

269 Venn, J. A., Foundations of Agricultural Economics. By C. S. Orwin 243 Viallaté, A., L'Impérialisme économique (1870–1920). By F. E.

Lawley ... ... ... ... ... ... ... ... ... 123 Virgilii, F., Cooperazione, nella dottrina e nella legislazione. By L. Smith-Gordon ... ... ... ... ... ... ... ...

614 Weber, M., Gesammelte Aufsätze zur Wissenschaftslehre. By Pr E. Schwiedland

122 Weber, M., Wirtschaftsgeschichte. By Prof. E. Schwiedland ... ... 272 Welfare. Vol. II. By Clara E. Collet ... ... ... ... ... 457 Williams, G., Social Aspects of Industrial Problems. By Barbara

Wootton ... ... ... ... ... ... ... ...
Withers, H., Bankers and Credit. By J. I. Craig ...
Wolf, J., Markkurs, Reparationen und russisches Geschäft. By T.

Gregory
Zizek, F., Grundriss der Statistik. By Prof. E. Schwiedland ... ...
Zizek, F., Hauptprobleme der statistischen Methodenlehre. By Prof.

E. Schwiedland ... .. ... ... ... ... ...
NOTES AND MEMORANDA :-
Back, W. J., The Attack upon the Organiser Class ..

643 Dumbell, Stanley, The Beginnings of the Liverpool Cotton Trade

278 Fussell, G. E., The Agricultural Population and the Rental of Land ... Hamilton, Prof. C. J., The Protection of the Indian Steel Industry ... Hawtrey, R. G., The Report of the Federal Reserve Board, 1923 ... 283 Keynes, J. M., Bibliographical List of the Writings of Alfred Marshall Lehfeldt, Prof. R. A., Currency and Bank Credit ...

281 Leppington, C. H. d'E., The War's Influence upon Village Life ... 480 Macgregor, Prof. D. H., Sanctions for Discount Policy ... ...

638 Meredith, Prof. H. o., The Irish Fiscal Inquiry

... 135 Moreland, W. H., Economic Conditions in Mogul India

484 Robertson, D. H., Note on the Real Ratio of International Interchange 286 Soyeda, J., Japanese Affairs ... ... ... ... ...

... ... 645 Tocker, A. H., The Effects of the Trade Cycle in New Zealand ... ... 128 OFFICIAL PA

... ... ... ... 138, 292, 655 OBITUA

Prof. A. Loria
Prof. A. Loria
By J. M. Keynes

** .. ... 311
eo. By P. S. and Prof. A. Loria
AUNT TOPICS

... 140, 294, 296. ND NEW BOOKS ... ... 145, 38

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THE ECONOMIC JOU

MARCH, 1924

THE POST-WAR WAGES PROBLEM 1

I

BEFORE the war the economic changes to which wages had to be adjusted were gradual. Rates of wages, therefore, had a high degree of stability, and the relations between wages in allied or neighbouring occupations were equally stable. Wages, it may fairly be said, constituted a system, since there were well-understood rates for most occupations; the relations between these were stable and generally accepted, and a change in any one rate would prompt demands for a change in other rates. It was this systematic character of wages that made wage changes so simple a problem compared with to-day's task. The abstract and unanswerable general problem, What is a fair wage ? never came up; the problem was always the problem of a particular rate for a particular job. This was argued by reference to the normal relation between the rate for that job and other rates, and to relevant economic changes that might justify a departure from that normal relation. A change in the value of money might make necessary a whole series of changes in rates of money wages, in order to restore the previous relation between different trades, or between wages and profits; but the problem was limited to modifying an established system of rates, so as to keep it in harmony with the economic facts on which wages ultimately rest. This modification itself was done largely by collective bargaining, for the individual employer or wage-earner, not by him; the ordinary employer had to work to conditions of employment which were set for him. Hence the wage system lent some of its own stability to prices, which, even more than wages, have got out of step since the war.

The effect of the war was to dislocate this system and destroy

1 Paper read before Section F of the British Association at Liverpool, September, 1923.

No. 133.- VOL. XXXIV.

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