The intellectual socialists of to-day, while repudiating as we have seen the doctrine that the labourer's claim to remuneration is limited to the values produced by him, and contending that he has a further right to the product of the ability of others, constantly declare that, even according to the moral standard of Marx, he is usually defrauded at present of a large part of his due; or that, in most if not all industries, his wages represent but a part of the full value produced by him.

Whether this is so or not is a question not of theory but of fact, and one which can only be answered by discovering some intelligible basis on which the values produced by labour in a general way may be estimated, as distinct from those produced by effort of other kinds.
With this question I shall deal in the following chapter.
The second relates to those forms of individual income which are covered by the word interest, when used in a comprehensive sense.

It being admitted by the later socialists, in opposition to the earlier, that the directive ability of the few is, in the modern world, a productive agency no less truly than labour is, many of these socialists are now anxious to concede that the man of ability is entitled to such values, no matter how large, as are due to the active exercise of his own exceptional powers; but they contend that, as soon as his personal activity ceases, his claim to any influx of further wealth should therewith cease also.

Let him spend his accumulations, they say, on his own gratifications as he will; but neither he nor his descendants can be suffered in moral justice to hold or apply them in such a manner that they will renew themselves, and yield an income to recipients who do nothing to make them fructify.

To numbers of people who repudiate most of the socialistic programme, this doctrine as to interest appeals as at once just and practicable.