Note on Professor Graziani's Economic Theory of Machinery

The theory of machinery, regarded as a branch of mechanics, has been exhaustively handled by competent writers, while the history of its introduction has been so often repeated that the names of successful inventors, from Watts and Fulton to Bell and ~dison, have become as familiar as those of popular statesmen and warriors.The author of the little book * now before us neglects, however, these dra- matic aspects of the subject, and directs his inquiries to the question of the place of machinery in economic theory.In turning to this more difhcult, but not less useful study, he deserves the thanks of all economists.The effects of machinery on the constitution of society, and on the distribution of wealth-these are the leading thoughts in Prof. Graziani's mind.He begins by distin- guishing between tools and machines.He believes that tools originated in the adaptation of the instruments of war to the purposes of peace.This is a plausible hypothesis, at least, although it may not be susceptible of proof that at that early day civilization began by a beating of swords into ploughshares and spears into pruning hooks.It is certain, however, that the use of tools was the first step out of barbarism, prior even to the domestication of animals, and that with the help of tools and of animals a very high degree of civilization was possible, long before machinery attained that predominant position which is the distinctive note of modern industrial society.But in spite of the high development of political institutions and the expansion of intellectual activity, society seemed to be irre- trievably divided into classes, of which the more numerous were, by.no fault of their own, but, as it seemed, by the very

Economics · Keynesian economics · Mathematical economics · Neoclassical economics · Economic Theory and Institutions