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Dr Jaques is not only a practising psycho-analyst who has contributed to psycho-analytic theory; he is also 'social analytic consultant' to the Glacier Metal Company, and in this capacity has made contributions to the psychology of economics which, in the long run, are likely to prove of major practical importance. For just as Lord Keynes' Theory of Money was eventually applied to mitigate those periodic swings into massive unemployment which were once the curse of our economy, so I believe will Dr Jaques' Theory of Equitable Payment be eventually applied to mitigate those endemic wage disputes by which our economy is still depressed—and our unity threatened.
In his present book Jaques develops and consolidates his earlier work into a more comprehensive theory, new elements being introduced and, with the exception of some admittedly speculative hypotheses, the whole being given a firmer empirical foundation.
What I take to be his most basic thesis is that most of us have two different pictures of ourselves: one the product of unconscious phantasy, and this may be wildly unrealistic; the other, valid and objective. Thus, however much we may consciously, but under the influence of unconscious phantasy, over- or under-estimate ourselves, we have a preconscious knowledge of our real capacity for the work by which we earn our living. We know, too, whether our job is above, or below, or just equal to our capacity; and we usually also know what is the current standard of pay for jobs demanding this capacity.
From the existence of these three, preconsciously accepted, standards, it follows that several kinds of unbalance between them can occur: the job can be above or below our capacity, and the payment can be above or below either the job or our capacity or both. Only when all three are matched are we—apart from other troubles—reasonably content.
Dr Jaques' aim is to make this preconscious knowledge conscious and explicit, so that conscious and explicit efforts can be ma