capita[1]—all these seem to point to the fact that great progress has already been made.
The general view here taken of our recent economic evolution may be stated in mechanical terms. Mr. Spencer's words are somewhat abstract and difficult to fully comprehend, as a great many eminent persons have found out; but they must here be quoted for the perfection with which they cover the case:
"In the second order "(of equilibrations)," comprehending the various kinds of vibration or oscillation as usually witnessed, the motion is used up in generating a tension which, having become equal to it, or momentarily equilibrated with it, thereupon produces a motion in the opposite direction, that is subsequently equilibrated in like manner, thus causing a visible rhythm, that is, however, soon lost in invisible rhythms."[2]
III. Having endeavored to view the phenomena of wealth-distribution from an evolutionary standpoint, let us now eliminate the element of time, and see if we may thus obtain additional light by altering our point of view. The question is, What is the most advantageous distribution of wealth at a given moment? In seeking a reply, the following considerations inevitably come before the mind:
1. "A more equal distribution of wealth tends prima facie to increase happiness";[3] since the amount of happiness given by wealth obviously increases, not directly as the wealth, but in a constantly decreasing ratio. But—
2. We have to allow for a decrease in the amount of wealth produced. This would result, first, from the increased idleness of large numbers engaged in productive employments. Probably there are persons that would deny that any such decrease would take place. A little observation of the advantage taken by the Indians of governmental interference with distribution in their favor would probably bring such persons a little nearer to the earth; especially if it were followed up by some study of the numerous ways in which most working-men get rid of their hard-won earnings. Another loss similar to the above would be through decreased saving. Increased idleness and increased non-productive expenditure, as for drink, amusements, etc., would lessen the total national capital. Still another loss would come through the lessened efficiency of capital in the management of enterprise—very much like the lessened efficiency of an army if each soldier were required to develop his views on the next movement of the campaign; for it must be assumed that interference with the ratios of distribution would tend to give the workmen power over the management of the capital. Here, again, there will very likely be
