"From the point of view of social health and economic efficiency, society should obtain its material equipment at the cheapest price possible, and after providing for depreciation and expansion should distribute the whole product to its working members and their dependents. What happens at present, however, is that its workers are hired at the cheapest price which the market (as modified by organization) allows, and that the surplus, somewhat diminished by taxation, is distributed to the owners of property."
Efficiency

January 1, 1970

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Original Language: English