to the selling price of the product. Neither this price, nor any other existing price, has anything about it that is either economically or ethically sacred. In a competitive market current prices are fixed by the forces of supply and demand, which often involve the exploitation of the weak; in a monopoly market they are set by the desires of the monopolist, which are likewise destitute of moral validity. Hence a minimum wage law which would raise the price and value of the product sufficiently to provide living wages for the unskilled workers, thus increasing their "productivity" and enabling them to "earn" the legal wage, would neither violate the principles of justice, nor necessarily diminish the compensation of any other labouring group. To be sure, the increased prices might be followed by such a lessening of demand for the product as to diminish employment; but this is another matter which has no direct bearing on either the economic or the ethical phases of productivity and earning power. And the disadvantages involved in the supposition of a reduced volume of employment may possibly be not so formidable socially as those which accompany a large volume of insufficiently paid occupations. This question will receive further consideration in a later chapter. In the meantime, we conclude that Professor Carver's theory or rule is inapplicable to a large part of the industrial field, and that where it does apply it frequently runs counter to some of the fundamental principles of distributive justice. FOOTNOTES: [213] Page 47. [214] _The Chicago Daily Tribune_, July 17, 1915. [215] Article on "Political Economy and Ethics," in Palgrave's Dictionary of Political Economy. [216] "Property and Contract," II, 603. [217] Cf. "L'Idée du Juste Salaire," by Léon Polier, ch. iii. Paris; 1903. [218] Polier, op. cit., pp. 33, sq.; Ryan, "A Living Wage," pp. 26, sq. [219] "Ethica," lib. 5, tr. 2, cap. 5. [220] "Comment. ad Eth.," XXI, 172. [221] Cf. Polier, op. cit., pp. 66-75; Ryan, op. cit, pp. 93, 94. [222] Cf. Polier, op. cit., pp. 92-95. [223] "Cours d'Économie Sociale," pp. 598, sq. [224] Polier, op. cit., pp. 219-359; Menger, "The Right to the Whole Produce of Labour"; English Translation. London; 1899. [225] "Enquiry Concerning Political Justice." [226] "On the Effects of Civilisation on the People of European States." [227] "An Inquiry Into the Principles of the Distribution of Wealth Most Conducive to Human Happiness." [228] Menger, op. cit., p. 56. [229] Op. cit., p. 51. [230] Cf. Menger, op. cit., pp. 62-73. [231] "Qu' est-ce que la propriété ou recherches sur la principe du droit et du gouvernment." 1840. [232] "Zur Erkentniss unserer staatswirthschaftlichen Zustande," 1842. [233] "Das Kapital," 1867. [234] Cf. Polier, op. cit., pp. 352, sq. [235] Cf. especially chap. xxi, "The Theory of Economic Causation." [236] "Proceedings," pp. 23-54.