508 Mk TOZER, on THE EFFECT OF MACHINERY 



series of propositions which are logical deductions from assumed de- 

 finitions, and form those properties of the things defined which furnish 

 axiomatic truths, and is therefore a subject to which mathematical 

 reasoning is not only proper but necessary. 



The introduction of any process by which accuracy may be given 

 to the reasonings of Political Economists, as tending, however re- 

 motely and indirectly, to place the science in this position, must be 

 valuable; and even if we could suppose the principles to be as ac- 

 curate in their enunciation, and as complete in their demonstrations 

 as they can be rendered, there would still devolve on us the duty of 

 rendering our deductions from them general, and of proving that they 

 were necessary. 



The particular problem under consideration, is of very limited ex- 

 tent, and of very easy solution. The method that has generally been 

 employed has been to take particular numerical examples, and the re- 

 sults of these have frequently been assumed to lead legitimately to 

 general conclusions. If the examples chosen had always been supplied 

 by statistical facts, we should at least have been assured that the phe- 

 nomena displayed in these results either had or might have happened, 

 however unsatisfactory the general conclusions from them might have 

 been. 



This advantage, howevei", has not been afforded, the numbers have 

 been generally assumed without reference to realities, and though it 

 may sometimes have been carefully stated, that the conclusions could 

 not possess a higher degree of truth than the premises, the impressions 

 on the minds of general readers would be favourable to that particular 

 conclusion which the example chosen tended to support. 



Prop. A portion of capital, which either has been or would have 

 been employed in the payment of wages, is used in the construction 

 of machinery; to determine the effect on the wealth of the community, 

 and on the fund for the payment of the labourer. 



Let C be the capital, 



J— 1 the ordinary rate of profit. 



