Combination amongst the men is difficult, and is
always attended with the evils which arise from the ill-will
excited against any persons who, in the perfectly justifiable
exercise of their judgement, are disposed not to act with the
majority. The combination of the masters, on the other hand, is
unavailing, unless the whole body of them agree, for if any one
master can procure more labour for his money than the rest, he
will be able to undersell them.
286. If we look only at the interests of the consumer, the
case is different. When too large a supply has produced a great
reduction of price, it opens the consumption of the article to a
new class, and increases the consumption of those who previously
employed it: it is therefore against the interest of both these
parties that a return to the former price should occur. It is
also certain, that by the diminution of profit which the
manufacturer suffers from the diminished price, his ingenuity
will be additionally stimulated; that he will apply himself to
discover other and cheaper sources for the supply of his raw
material; that he will endeavour to contrive improved machinery
which shall manufacture it at a cheaper rate; or try to introduce
new arrangements into his factory, which shall render the economy
of it more perfect.
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