On the Economy of Machinery and ManufacturesBabbage, Charles
ReligionComparative
On the Economy of Machinery and Manufactures
Babbage, Charles
Machinery; Manufactures
circumstances their production must soon cease altogether. On the
other hand, if an article never wears out, its price may continue
permanently below the cost of the labour expended in producing
it; and the only consequence will be, that no further production
will take place: its price will continue to be regulated by the
relation of the supply to the demand; and should that at any
aftertime rise, for a considerable period, above the cost of
production, it will be again produced.
198. Articles become old from actual decay, or the wearing
out of their parts; from improved modes of constructing them; or
from changes in their form and fashion, required by the varying
taste of the age. In the two latter cases, their utility is but
little diminished; and, being less sought after by those who have
hitherto employed them, they are sold at a reduced price to a
class of society rather below that of their former possessors.
Many articles of furniture, such as well-made tables and chairs,
are thus found in the rooms of those who would have been quite
unable to have purchased them when new; and we find constantly,
even in the houses of the more opulent, large looking-glasses
which have passed successively through the hands of several
possessors, changing only the fashion of their frames; and in
some instances even this alteration is omitted, an additional
coat of gilding saving them from the character of being
second-hand. Thus a taste for luxuries is propagated downwards in
society', and, after a short period, the numbers who have
acquired new wants become sufficient to excite the ingenuity of
the manufacturer to reduce the cost of supplying them, whilst he
is himself benefited by the extended scale of demand.
Public-domain text, read in full here on John Shaqi.
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