Sec. 10. A plan for the adjustment of the living wage to price changes. The basis of adjustment. Sec. 11. The policy of adjustment--already discussed. Sec. 12. The hope of the living wage policy. Chapter X--The Regulation of Wage Levels 209 Sec. 1. Why there must be in industry an ordered scheme of wage relationship between each and every group of wage earners. The limits of collective bargaining as a factor in industrial peace. Sec. 2. In the beginning, the scheme must probably be based on an acceptance of existing wage "differentials." The reasons for this are of a practical kind. Sec. 3. Any policy which planned to develop a scheme of wage relationships merely by maintaining existing differentials would be bound to fall to pieces in the end. The difficulties that would arise. Sec. 4. Two principles proposed as the basis of the desired scheme of wage relationship. Their meaning as applied doctrines. Sec. 5. These principles open to criticism both on practical and theoretical grounds. The chief criticisms examined and taken into account. Sec. 6. Some notes on the best method of administering these principles. The necessity of avoiding political interference, if possible. Chapter XI--The Regulation of Wage Levels (_Continued_)--Wages And Prices 231 Sec. 1. The scheme of wage relationship must recommend itself as just to the wage earners and the community in general. The ultimate distributive question to be met is the division of the product between profit and wages. Sec. 2. Provision for the adjustment of wages to price movements would aid, however, towards reaching distributive goal. A policy of adjustment suggested. Sec. 3. The difficulty of maintaining scheme of wage relationship of wages adjusted to price movements. The best method of adjustment a compromise. Chapter XII--The Regulation of Wage Levels (_Continued_)--Wages And Profits 239 Sec. 1. The profits return in industry, under any policy of wage settlement, will be closely scrutinized. Sec. 2. The possibility of measuring a "fair" profits return for all industry discussed. A method suggested. Sec. 3. Would the principles of wage settlement worked out so far, produce a fair profits return? An open question. Sec. 4. The scope and form of any measure designed to assure the desired distributive outcome can be discerned. Sec. 5. The various steps in the formulation of such a measure reviewed. A measure tentatively suggested. Sec. 6. The difficulties of calculating wage changes called for under the suggested measure. Sec. 7. The chief practical weaknesses of the suggested measure examined. Sec. 8. It would be open to theoretical criticism also. The alternatives even less satisfactory. Chapter XIII--A Concept of Industrial Peace 264 Sec. 1. The hope for industrial peace in the United States.