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
_Improvement in the Forms of Capital._--The greatest of all the
advantages that come from this division and subdivision of
wealth-creating processes comes in the way of applying machinery. A
machine is a hopeless specialist and can, as a rule, put only a single
minute touch on the material submitted to it; and the introduction of
machines differentiates capital in a way that is parallel to the
minute subdivision of labor. If the machine is to work at all
economically, it must put its touch quickly on one after another of a
series of articles, as they are submitted to it in uninterrupted
succession. If only one kind of machine were employed in the making of
shoes--if, for instance, the sewing of the uppers to the soles were
done on sewing machines, even though all the rest were done by
hand--it would be natural and almost necessary to have one class of
workers to prepare the uppers, another to prepare the soles, and a
third to sew them together by aid of the machine. When the several
stages of the process are thus given over to different classes of
workers, the situation is ripe for the application of more machines,
and inventors readily devise apparatus that will perform one or
another minute part of the manufacturing process. In the end most
branches of manufacture take such shapes that the raw material is
intrusted to a series of machines and passes from one to another by a
nearly continuous movement, till it emerges from the hands of these
automata as complete as any manipulation can make it and ready for the
merchants who will convey it to their customers.
_Economy of Capital._--There is an economy of capital involved in the
fact that instruments can be used thus continuously. A worker does not
have to have several sets of tools, many of which would be idle the
greater part of the time, as would be the case if the man performed
several unlike operations; but the greatest economy comes from the
energy, rapidity, and accuracy with which the new instruments act. The
tools are far more efficient than they could be if human muscles
furnished the power and eyes and nerves supplied the deftness and
accuracy that the making of the goods requires. Automata which men set
working excel hand tools with men wielding them by a greater ratio
than can be calculated.
CHAPTER V
PRODUCTION A SYNTHESIS; DISTRIBUTION AN ANALYSIS
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