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  The True Conception of Welfare 316   References on Section III 318 SECTION IV
THE MORAL ASPECTS OF WAGES 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 public@vhost@g@gutenberg@html@files@42759@[email protected]#Page_390" class="pginternal"