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
(7) In addition to the upward flow of labor in the series of subgroups
there are some lateral movements, or transfers from group to group, to
be taken into account. The fact that improvements are widely diffused
and that there is a succession of them at each point makes it possible
to make these lateral movements of labor in the same way in which the
movement within the groups is accomplished; namely, by putting the new
men who are entering the field of employment in the places where they
are most needed.
(8) These facts do not always prevent particular men from losing the
special benefit that skilled handicrafts have insured to them, since a
machine, to the running of which they are compelled to betake
themselves, may often be as well tended by persons who have never
learned such a handicraft.
(9) The loss thus entailed on craftsmen was very large during the
original process of supplanting hand labor by machinery, but bids fair
to be relatively small hereafter, since fewer men go through long and
costly apprenticeships, and since the operator of one machine can
usually learn to operate another with little waste of time.
(10) Such injuries as particular men now suffer from the introduction
of economical devices are, as a rule, more than atoned for even to
these men by the greater productivity of social labor, as it is
applied in new ways, and by the greater abundance of social capital.
These gains are the result of improvements made in the earlier
periods, and they benefit every one who labors.
(11) The new capital created by productive inventions is an essential
cause of the continuing gain of the working class.
(12) While most inventions at first draw capital from the social fund
to the point where they are applied, many of them soon liberate
capital by cheapening particular appliances of production, and nearly
all of them, by means of the profits they insure, ultimately add to
the social capital.
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