25 Pages

It is said that the improve-

Capital-saving and land-saving inventions may be similarly defined, either in the narrow or in the generalised sense, as inventions which reduce the relative share of capital and of land respectively, either in the industry directly affected or in industry as a whole. In the subsequent discussion the generalised sense will be adopted. It is obvious, as far as the definition is concerned, that the same invention niay simultaneously reduce the relative shares of two or more factors of production, so long as it increases the relative share of at least one factor. But it is unlikely that the same invention will be both labour-saving and capital-saving.