But in modern times we must look to more distinctively industrial causes for an explanation of unsteadiness of employment, and here the close competition of steam- driven machinery plays the leading part.
It must not, however, be supposed that machinery is essentially related to unsteadiness of work.

The contrary is obviously the case.

Cheap tools can be kept idle without great loss to their owner, but every stoppage in the work of expensive machinery means a heavy loss to the capitalist.
Thus the larger the part played by expensive machinery, the stronger the personal motive in the individual capitalist to give full regular employment to his workmen.

It is the competition of other machinery over which he has no control that operates as the immediate cause of instability of work.

Thus the growth of machinery has a double and conflicting influence upon regularity of employment; it punishes capital more severely for each irregularity or stoppage, while at the same time it makes such fluctuations more violent.
Sec.3.Displacement of Labour .-- But the result of machinery which has drawn most attention is the displacement of labour.