Essentials of Economic Theory: As Applied to Modern Problems of Industry and Public PolicyClark, John Bates
General
Essentials of Economic Theory: As Applied to Modern Problems of Industry and Public Policy
Clark, John Bates
Economics
_A Voluntary Reduction of Toil Desirable and Probable._--A full study
of the effects of technical progress will show that there is never a
reduction of the general field for employment in consequence of it.
There is an increase of pay, and this causes a certain unwillingness
to work for as many hours as men formerly worked; and there is also a
change in the nature of the operations that labor performs, which
tends in the direction of more comfort and less painful toil. For the
famous statement of J. S. Mill that "It is questionable if all the
mechanical inventions yet made have lightened the day's toil of any
human being" we may safely substitute, "It is the natural tendency of
useful inventions to lighten the toil of workers and to give them,
withal, a greater reward for their work." Mechanical progress is the
largest single ground for hope for the future of laboring humanity,
and by its effects, direct and indirect, it has already insured a
great alleviation of toil, with an increase in its rewards. It has
helped to counteract the world crowding that for a century has gone on
and the diminishing returns from agriculture which the crowding
entails. Inventions may make disturbances, and their better effects
may be temporarily and locally counteracted; but a society where
competition rules is sure to secure the benefits in the end and does,
in fact, secure them in greater and greater measure as the years go
by. Such are some of the theses which research will justify.
_Facts concerning Disturbances incidental to Progress._--We have first
to take account of the disturbances. They are prominent in economic
discussion and constitute the subject of one of the grave indictments
brought against the system of competitive industry. They have actually
caused great hardships in the past, as skilled handicraftsmen have
seen machines come into use which, for rapidity and accuracy of work,
excel the best results that long apprenticeships formerly gave. Now
that machinery has possession of most of the field, there is no longer
the former opportunity for displacing hand workers; but the remainder
of hardships incidental to progress is not to be overlooked. This part
of the dynamic movement involves present local sacrifices for the sake
of future general gains. Here, therefore, there are developed
antagonisms of interest which may hinder progress and, if they were
extensive enough, might conceivably throw a doubt over the future of
the working class. While there is no great disposition to question the
ultimate benefit which mechanical progress insures, there is some
uncertainty as to the process by which this benefit is extended to
workers and there is a struggle to avoid the immediate cost. There is,
in some quarters, a disposition to rate the cost so highly as to draw
the inference that we need to adopt a socialistic plan of living for
the sake of enabling workers to avoid the hardships and secure the
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