VII. Relative marginal productivities of labor and capital, 215.— Time-drift in the data, 220.— VIII. Correspondence between the productivity attributable to labor by the production formula and the actual course of wages, 221.— Possible explanations of the apparent discrepancy, 224.— Correlation between real earnings and marginal product per worker, 232.— Value productivities and real earnings, 238. —IX. Summary and general considerations, 242.— Some criticisms considered: David Durand's, 244; J. M. Clark's, 246.— The paradox of rising interest rates, 248.

I. The method and earlier applications of it, 1.— Scope of the present study, 5.— Differences between Victorian and American industry, 5.— II. The index of production: method and sources, 6; its movements during the period, 18.— III. The index of labor: method and sources, 19; comparison with index of production, 21. IV. The index of capital: method and sources, 21. — V. The equation of production, 24. — VI. Comparison of the computed and actual indexes of production, 25.— Analysis of the divergences of P′ from P, 29.— Comparison of the trends, 32.— Deviations from the trends, 33.