alth. Fourthly: the fact that the health,
energy, spirit, and intelligence of the wage earners are factors of
high importance in the creation of a stable and effective industrial
regime, and that the development and display of these qualities by
individuals are affected by their economic conditions and surroundings,
here and now. Likewise, the importance of giving the best possible
opportunity to all to develop their natural ability.

The general level of profits that would be settled upon by comparing and
weighing these considerations could be defended as just and sound. The
figure (which would be expressed in the form of a percentage, e.g. 12
per cent.) derived from the balance of these factors could be put
forward as the mark of just distribution. The distributive goal for the
policy of wage settlement would be to achieve a division of the product
between wages and profits, such that the general level of profits
throughout the field of industry (the basis of calculation of which will
be considered at a later point) would approximate the figure defined as
just.

It is plain that if the suggested method is used to define a just level
of profits, differences of opinion will manifest themselves in the
process. The facts and circumstances that would have to be studied
cannot be subjected to exact measurement. For example, the possible bad
social and economic effects which may be produced by various degrees of
inequality of distribution can only be guessed at in a general way. Or,
to take another example, the motives and conditions which govern the
bulk of private accumulation and the sacrifices involved therein are
questions about which controversy continues to range. The profits return
that one man may judge ample to assure an adequate flow of accumulation
and investment will not appear to be so, in another man's judgment.
Indeed, even differences in the general philosophy with which all men
parade through life will lead to differences of opinion. For example,
one man may believe a community to be better off if every man's income
is increased somewhat, though the inequality of wealth within the
community be thereby increased; while another man may believe that the
poorer community, with the lesser inequality of wealth is likely to be
more happy, and perhaps, in the end more prosperous.

In spite, however, of the existence of such extensive ground for
differences of opinion, it seems to me that an agreement may be expec