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
Because the extensive introduction of machinery in England was at first
accompanied by the unhappy result of a lengthening of the hours of labor
in factories, this result was deemed to be necessary in all other
cases. It was in fact quite abnormal, and has not been seen elsewhere.
The owners of factories wished to keep their machines employed as many
hours as possible; the laboring classes of England, being at the same
time demoralized and depressed by industrial and social influences that
had no logical connection with machinery, had no power to resist this
movement. In all other countries of Europe and in America, where the
introduction of machinery has been more gradual and normal, it has been
followed immediately by a shortening of working hours, as eventually it
was in England also.
[Sidenote: Higher wages logically result from the use of machinery]
4. _Indeed, the economic effect of improved appliances is logically and
inevitably to raise wages._ It has been shown above, in the discussion
of wages, that if the efficiency of machines increases faster than does
the number of workers who use them, the marginal application of labor
stops at the higher uses or services of agents and is not forced to the
lower. The more perfect the economic environment, the higher the incomes
even of those who own no part of the machinery. A part of this benefit
may appear in the form of higher money wages received, a part in the
form of the lower price of things bought. Real wages are the essential
thing, and as a consumer the laborer shares with every other member of
society in the benefits of improved machinery. The benefits resulting
from greater abundance are diffused, and as goods are brought from the
high, or scarcity, end of the scale of value down toward the level of
free goods, everybody gains by the abundance and cheapness.
[Sidenote: Some grades gain more than others]
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