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If C be engaged in paying wages, it will yield annually a profit = C(q-1); this, while the machinery is in progress, must be partly taken from capital.

Suppose the machinery to take b years to complete, and a part of C = g to be expended every year in its construction till it is com

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and at this time the whole capital will have been expended on the machine;

_ C, @-1 _, q'-l

T a. q-T’ and *-a-o-i. Let a fractional part, the m” of the expenditure for machinery, go to the labour, and B, B, ...... B, be the sums by which the fund

for paying wages is diminished during the 1", 2"...... p" years of the progress of the machinery.

Thus

The total loss to the labour-fund while the machinery is in progress is

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1 (jLT). And in the 1" year of its employment the whole capital C is abstracted.

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Let the machinery be made to last do years by the expenditure of a, , a, as ...... a, in the 1", 2", do years respectively and be worth a when rejected: also let the expenditure and profit be equivalent when the machine continues d years unimpaired, and then becomes useless.

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A the annuity necessary to pay the profit on C and provide new machinery at the end of d' years, paying also for the necessary repairs during this interval,

r, the produce due to the use of the machinery,
r ..................... to the labour it displaces,
p, pi, prices of produce before and after its employment,

G the whole annual gain to the community occasioned by its uSeS,

D., D., ...... D, sums by which labour-fund is diminished at the end of 1*, 2*...... p" years after it comes into operation,

D diminution during the 1" year.
Then V. = C,

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q 1
1 – a " '

Also, since the gain to the community may be measured by the price that would have been paid for the produce r, minus the price that is actually paid for it when the profits of the capitalist have reached the average rate,

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Or, this gain may be measured by the saving in expenditure, added to the cost of the additional produce enjoyed, reckoning that cost at the original price; G C4 4 + of

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This will be an annuity in money or other produce, of which a k" part may be consumed for immediate enjoyment and a (1 – k)" part used as capital, also of the former an m” part, and of the latter an m," part may go to the labourer, whilst an m” part of the annuity A after deducting the profit C(q 1) is employed in the same way. Before the use of the machinery the expenditure was C.

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When this becomes negative, the fund for the employment of labour will have become greater than it would have been if the machinery had not been constructed, that is, when

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We may in these formulae, substitute for the produce in terms of the price.

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It may be observed that p, cannot be > p; if it were, more than the ordinary profit would arise from employing labour, and the machine would be superseded.

In general the motive of the capitalist in supplanting labour by machinery, is to procure for his capital more than the ordinary profit.

will be the

If, then, he can raise his rate of profit to qi, A = C. ! ..

annuity which the produce must realize. The above values of G, however, are correct whatever q may become, since the gains of the capitalist are included in those of the community at large.

In a State where there is any number of machines at work, and also any number in progress, wealth will be increasing more rapidly than it would have been if all the capital had been employed in paying wages if XG be positive, and less rapidly if XG be negative, that is, more or

less rapidly as,
- 1 p. C

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p. (1 q-") 1 q If in any case the machinery lower prices, the community must gain by its use, for if p < p, G is positive.

This supposes p, to give the capitalist no additional profit, a fortiori, therefore the community will gain, if, when the rate of profit is raised to q’–1, p, be < p.

Let p" be the price that would pay ordinary profits q 1.

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The community will gain by the use of machinery, if ,, , , q = 1 1-4" P” P = i. 1-7-1. If a portion of the dispossessed labourers, whose wages were paid by a part l. C of the capital, become dependent on society for support, there will result the equation - c, so — 1 7" G + 1c - c1% #}.

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