The great business opportunities of American life consisted, consequently, in supplying some popular or necessary article or service at a cheaper price than that at which any one else could furnish it; and the great effort of American business men was, of course, to obtain some advantage over their competitors in producing such an article or in supplying such a service.

The best result of this condition was a constant improvement in the mechanism of production.
Cheapness was found to depend largely upon the efficient use of machinery, and the efficient use of machinery was found to depend upon constant wear and quick replacement by a better machine.

But while the economic advantage of the exhausting use and the constant improvement of machinery was the most important economic discovery of the American business man, he was also encouraged by his surroundings to seek economies in other and less legitimate ways.

It was all very well to multiply machines and make them more efficient, but similar improvements were open to competitors.

The great object was to obtain some advantage which was denied to your competitors.