Publisher's Synopsis
Excerpt from The Effects of Machinery on Wages
Induced in general to give more consideration to the dangers of Machinery, which appeared to me to have been almost entirely overlooked. The first step towards the amelioration of the evils caused by Machinery is to see distinctly what the evils are. The greatest, I take it, lies in the ?uctuations and precariousness of wages, the inevitable result of a system of large industries.1 In many cases the proximate cause of this evil is over-production, and working-men have not unnaturally rushed to the conclusion that limitation of the supply is a remedy for all their troubles. But this is applying to freely produced commodities the laws which govern monopoly values only. Over-production I have pointed out can only exist relatively to the demand and the means of distribution, and in this sense is very likely to occur. But it is useless to consider one factor to the exclusion of the others; supply can only be perfectly adjusted by a perfect knowledge of the demand and the means of dis.
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