Proceedings of the First Industrial Conference (Called By the President) October 6 to 23, 1919

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Each establishment should study carefully the causes of unemployment, and individually and in cooperation with other establishments in the same and other industries, should endeavor to determine and to maintain conditions and business methods which will result in the greatest possible stability in the employment relation.
4. Waffes. — While the law of supply and demand must inevitably play a large part in determining the wages in any industry or in any establishment at any particular time, othe
...r conditions must be taken into account, such as the efficiency of the worker and the wage standard of the industry in the locality. The wage should be so adjusted as to promote the maximum incentive consistent with health and well-being and the full exercise of individual skill and effort. Moreover, the business in each establishment, and generally in Industry, sliould be so conducted that the worker should receive a wage sufficient to maintain him and his family at a standard of living that should be satis- factory to a right-minded man in view of the prevailing cost of living, which should fairly recognize the quantity and quality of his productive effort and the value and length of his service, and reflect a participation on his part in the prosperity of the enterprise to which he is devoting his energy.

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