But if it have that effect, its owner,
in order to extend the sale of his produce, will be obliged to
undersell his competitors; this will induce them also to
introduce the new machine, and the effect of this competition
will soon cause the article to fall, until the profits on
capital, under the new system, shall be reduced to the same rate
as under the old. Although, therefore, the use of machinery has
at first a tendency to throw labour out of employment, yet the
increased demand consequent upon the reduced price, almost
immediately absorbs a considerable portion of that labour, and
perhaps, in some cases, the whole of what would otherwise have
been displaced.
That the effect of a new machine is to diminish the labour
required for the production of the same quantity of manufactured
commodities may beclearlyperceived, byimaginingasociety,
inwhichoccupation are not divided, each man himself manufacturing
all the articles he consumes. Supposing each individual to labour
during ten hours daily, one of which is devoted to making shoes,
it is evident that if any tool or machine be introduced, by the
use ofwhich his shoes can be made in halfthe usual time, then
each member ofthe community will enjoy the same comforts as
before by only nine and one-half hours' labour.
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