Section G. 



SOCIAL AND STATISTICAL SCIENCE. 



ADDRESS BY THE PRESIDENT : 



R. M. JOHNSTON, I.S.O., F.S.S., 



Government Statistician, Tasmania. 



OBSERVATIONS REGARDING THE PRODUCTION AND 

 DISTRIBUTION OF "CONSUMABLE WEALTH" AND 

 "ECONOMIC CAPITAL," WITH AN INQUIRY INTO 

 THE PROBABLE EFFECT OF ARBITRARY REGULA- 

 TION OF "MINIMUM WAGE" STANDARDS UPON 

 THE " COST OF LIVING." 



Synopsis. 



1. Introductoi'y ; dealing with the pressing need of creating a 

 better classification and a more perfect definition of important 

 terms used in the discussion of economic subjects. 



2. Limitations to the nominal claims of capital vipon the annual 

 production of consumable wealth. 



3. Observations regarding the genesis of economic price or 

 value. 



4. Economic capital discussed and defined. 



5. Modes of acquiring " title " enabling producers to possess 

 a share of the stock of consumable wealth made available by their 

 combined services. 



6. Distribution of consumable wealth in Tasmania, in year 

 1911, with an estimate of its present capital value from an 

 actuarial point of view. 



7. Evidence tending to show that social well-being improves 

 in proportion as man's auxiliary forces of nature, instead of man, 

 is made to do the work of producing the world's wealth. 



8. General effect of the rapid growth of steam, and other 

 natural auxiliary forces, since year 1840. 



9. General and special " standards of living " based upon the 

 recognition of the family of the breadwinner as the primary 

 economic " unit." 



10. Probable effect upon " cost of living " by arbitrary regula- 

 tion of minimum-wage standards. 



11. General "composite labour-hour cost" and special "class 

 labour-hour cost " defined, with illustration of their relative pur- 

 chasing powers over commodities. 



