§ 5. The doctrine of the "vicious circle of wages and prices" examined. Its meaning and importance.
Chapter VI—Wages and Price Movements (Continued) [106]
§ 1. The problems of wage settlement arising out of upward price movements two in number: (a) Should wages be increased during such periods? (b) If so, on what basis should increases be arranged? The doctrine of the maintenance of the standard of life analyzed.
§ 2. An alternative method of adjustment proposed, based on a new index number.
§ 3. Periods of falling prices also present two problems of wage settlement, similar in essentials to those presented by upward movement. These problems discussed.
Chapter VII—The Standard Wage [121]
§ 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.
§ 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.
§ 3. The principle of wage standardization defined and explained.