To Professor Luding J. Mises in friendship and devotion , Reprinted from I POVERTY IN AMERICA Proceedings of a national conference held at the University of California, Berkeley, February 26-28, 1965 EDITED BY MARGARET S. GORDON Published for the Institute of Industrial Relations University of California, Berkeley CHANDLER PUBLISHING COMPANY 124 SPEAR STREET SAN FRANCISCO, CALIFORNIA 94105 COPYRIGHT C 1965 BY CHANDLER PUBLISHING COMPANY I LIBRARY OF CONGRESS CATALOG CARD NO. 65-23477 PRINTED IN THE UNITED STATES OF AMERICA