The Principles of Economics, with Applications to Practical ProblemsFetter, Frank A. (Frank Albert)
General
The Principles of Economics, with Applications to Practical Problems
Fetter, Frank A. (Frank Albert)
Economics
2. _Machinery of many sorts has long been used, but the "age of
machinery" begins with the eighteenth century._ Inventions, new
machines, and new processes, though not frequent, were not unknown in
the Middle Ages; but no one class of machines took possession of a whole
field of industry and gave rise to a great economic problem by the
displacing of labor. The great industrial changes in the Middle Ages
generally grew out of political changes, or of changes of routes of
trade whereby large industries were disturbed, or of changes in the use
of land through new methods and the bringing into use of land in other
places. The industrial changes in England at the end of the eighteenth
century on the contrary were due mainly to great mechanical inventions.
The development of the textile machines for cotton and wool spinning and
weaving mark the beginning of the movement. Here for the first time were
inventions in such numbers, of such a nature, and under such conditions,
that they were rapidly and widely applied, affecting the lives of a
great number of workers. The steam-engine at the same time opened up the
long line of mechanical inventions by which wood and iron are shaped and
wrought, and the iron industry underwent notable developments. Since
that time, have taken place in all Western countries that rapid
expansion in the use of machines and those notable changes in industrial
organization which distinguish our era from all others.
[Sidenote: Increased use of power]
3. _Machinery is applicable in very different degrees to the different
processes and industries._ Machinery can save much labor in some
directions, little or none in others. It is especially adapted to the
application of power. In the United States, in 1870, in manufactures
alone, two and one third million horse-power were used; in 1900, eleven
and one third million, the increase being five-fold. It is said that in
the world, in 1870, three and one half million horse-power was furnished
by stationary engines, ten millions by locomotives. Probably to-day the
total is four-fold as great.
[Sidenote: Machines can best be used in manufactures]
Machinery is applicable with especial advantage to industries that
change the form of materials easily transported and widely used. There
must be a large output to justify the use of machinery. In 1840 a man's
work in spinning cotton was three hundred and twenty times as effective
as in 1769, in 1855 it was seven hundred times; and though the rate of
improvement is diminishing, to-day the productivity of such labor is
still greater. Similar examples are found in the manufacture of shoes,
and in all varieties of wood- and iron-work. Machinery is most
applicable where there is a compact plant; not so easily where the power
has to be distributed over a wide area, unless a special track can be
provided.
[Sidenote: Not to so great an extent in agriculture]
Public-domain text, read in full here on John Shaqi.
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