Exploitation, Banking and the Trade Cycle (Classic Reprint)

Excerpt from Exploitation, Banking and the Trade Cycle

Now replace this unit of light by a unit of labor - one stan dard hour - and suppose that by the introduction of machinery and the sub-division of labor, and generally by better methods of manufacture introduced from time to time the productivity of labor is gradually increased, so that instead of one article, ultimately nine articles of the same kind can be produced by one standard hour of labor. Then in the same labor-time nine articles are made instead of one.

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