XXII SOME UNACCEPTABLE THEORIES OF WAGE-JUSTICE 323 I The Prevailing-Rate Theory 323 Not in Harmony with Justice 325 II Exchange-Equivalence Theories 326 The Rule of Equal Gains 326 The Rule of Free Contract 328 The Rule of Market Value 330 The Mediæval Theory 332 A Modern Variation of the Mediæval Theory 337 III Productivity Theories 340 Labour's Right to the Whole Product 341 Clark's Theory of Specific Productivity 347 Carver's Modified Version of Productivity 351 XXIII THE MINIMUM OF JUSTICE; A LIVING WAGE 356 The Principle of Needs 356 Three Fundamental Principles 358 The Right to a Decent Livelihood 360 The Claim to a Decent Livelihood from a Present Occupation 362 The Labourer's Right to a Living Wage 363 When the Employer is Unable to Pay a Living Wage 366 An Objection and Some Difficulties 370 The Family Living Wage 373 Other Arguments in Favour of a Living Wage 376 The Money Measure of a Living Wage 378 XXIV THE PROBLEM OF COMPLETE WAGE JUSTICE 381 Comparative Claims of Different Labour Groups 381 Wages Versus Profits 388 Wages Versus Interest 390 Wages Versus Prices 393 Concluding Remarks 398 XXV METHODS OF INCREASING WAGES 400 The Minimum Wage in Operation 400 The Question of Constitutionality 405 The Ethical and Political Aspects 407 The Economic Aspect 408 Opinions of Economists 412 Other Legislative Proposals 416 Labour Unions 417 Organisation Versus Legislation 420 Participation in Capital Ownership 423 References on Section IV 425