F.— ECONOMIC SCIENCE AND STATISTICS. 155 



changes might be made in the loidtli of the rights than hitherto without 

 seriously affecting accumulation. On the other hand, the time clement 

 is changing — accumulation is just as sensitive in the immediate provision 

 and immediate rights of family enjoyment, but less sensitive to change 

 (by restriction or encouragement) in the most remote rights. 



3. The sense of ' social injustice ' is directed against inequality of 

 wealth, of which inequality through inheritance is not now the larger 

 part. This sense, if limited to inheritance features, has less economic 

 reaction than is generally supposed. In any case, it is a sense which is 

 not scientifically based. I think it probable that, through the inequalities 

 due to the system in which inheritance has a part, the average man has 

 a slightly smaller proportionate share of the aggregate than he would 

 have had if there had been no inheritance system, but a substantially 

 larger absolute amount, because he shares a larger aggregate or better 

 standard of life than he would have had under a system with no such 

 aid to accumulation. Whether under these circumstances he is justified 

 in having a sense of injustice, whether it is better for human welfare to 

 have a low standard without envj^, or a higher one with envy, is a matter 

 lying beyond economics in the sphere of social psychology and philosophy. 



4. The particular claims for unlimited rights of bequest, as settling 

 the best economic direction and control, are gradually losing their force. 



5. The princij^les upon which death duty taxation is at present based, 

 though they may be the best available when administrative aspects are 

 included, might be improved upon by closer regard to the foregoing 

 analysis. The actual sum now being raised is not necessarily more 

 harmful economically than a similar sum raised by additional income- 

 tax, but it is more repressive in accumulation than the same sum would 

 be if a less sum were raised at lower rates on the first succession and the 

 balance were raised at higher rates on succeeding successions.^^ 



'•^ The practical aspects are discussed in the Stalisiical Journal, May 1926. 



