SECTION III. The Moral Aspect of Profits

THE MORAL ASPECT OF PROFITS

XV THE NATURE OF PROFITS 237 The Functions and Rewards of the Business Man 237 The Amount of Profits 239 Profits in a Joint-Stock Company 241

XVI THE PRINCIPAL CANONS OF DISTRIBUTIVE JUSTICE 243 The Canon of Equality 243 The Canon of Needs 244 The Canon of Efforts and Sacrifice 246 The Canon of Productivity 247 The Canon of Scarcity 250 The Canon of Human Welfare 252

XVII JUST PROFITS IN CONDITIONS OF COMPETITION 254 The Question of Indefinitely Large Profits 255 The Question of Minimum Profits 258 The Question of Superfluous Business Men 260

XVIII THE MORAL ASPECT OF MONOPOLY 262 Surplus and Excessive Profits 263 The Question of Monopolistic Efficiency 265 Discriminative Underselling 267 Exclusive-Sales Contracts 270 Discriminative Transportation Arrangements 272 Natural Monopolies 273 Methods of Preventing Monopolistic Injustice 275 Legalised Price Agreements 277

XIX THE MORAL ASPECTS OF STOCKWATERING 279 Injurious Effects of Stockwatering 281 The Moral Wrong 284 The "Innocent" Investor 286 Magnitude of Overcapitalisation 288

XX THE LEGAL LIMITATION OF FORTUNES 291 The Method of Direct Limitation 292 Limitation Through Progressive Taxation 296 The Proper Rate of Income and Inheritance Taxes 299 Effectiveness of Such Taxation 300

XXI THE DUTY OF DISTRIBUTING SUPERFLUOUS WEALTH 303 The Question of Distributing Some 303 The Question of Distributing All 308 Some Objections 311 A False Conception of Welfare and Superfluous Goods 314 The True Conception of Welfare 316 References on Section III 318