The Settlement of Wage Disputes

The author presents a two-part study: first, a diagnosis of industrial conditions and the forces that determine wages—productivity, relative scarcity of labor, group separations, price movements, and the roles of capital, management, and unions—and second, a set of practical principles and institutional proposals to guide wage settlements. He evaluates collective bargaining, examines wage differentials and the effects of inflation and deflation, critiques simplistic wage theories, and suggests mechanisms such as indices, boards, and arbitration adapted to American circumstances to secure more orderly, equitable dispute resolution.