A THEORY OF SOCIAL MOTIVES 775
bundles of utilities, but, psychologically, they are such only to those who discern and estimate the different utilities.*®
The theory of motives suggests also a criticism of the pro- ductivity theory of wages. This theory implicitly if not explicitly assumes first, that, under perfect competition, a workman will work himself into that occupation in which he is at his highest productive power ; second, that, in this occupation, he will receive as wages the total product of his labor and that, therefore, his wages are a measure of his efficiency. My criticism of this theory relates to the concepts of productivity and efficiency. First, as to productivity. Let us suppose that, when driving over a prairie road with stretches of waving com on either side, one comes occasionally to unimproved land grown to prairie grass. Of such land one would say that, though its product represented its productivity as a hayfield under pioneer conditions, this figure fell short of its highest productivity. Just so, by the highest productivity of a laborer, we mean that productivity which results from such investment in him of capital in industrial train- ing and other conditions of productive power that the last in- crement of capital just pays the market rate of interest. But the productivity of the laborer never reaches this point because the entrepreneur is not sure that the laborer in whom he invests capital, in the form of industrial training, for instance, will stay with him so that he will receive the interest on his investment.'^® The result is that the capital which is actually invested in indus- trial training is capital on which he expects a speculative rate of interest so that the investment of increments of capital in indus- trial training is not carried so far as the investment of capital in
- • In passing through a store the members of my groups very often "take
a fancy" to this and that article; then this instinctive or impulsive fancy may or may not be inhibited by an estimation of the utilities of the article. In the same way, falling in love often means taking a fancy to this or that boy or girl, which instinctive or impulsive fancy may or may not be inhibited by an esti- mation of the qualities of the object of regard. Thus, the motives displayed in the choice of a good seem to be identical with those displayed in the choice of a mate so that the theory of the consiunption of wealth seems to be an integral part of the science of motives.
" 117th Annual Report of the U. S. Commissioner of Labor, p. 385.
