“Costs of manufactured articles importantly depend on the cost of raw materials as well as labor, and the prices of many raw materials do not fluctuate directly with the labor cost of producing them.”

Charles E. Wilson cited in: Ernest Dale (1950), Sources of economic information for collective bargaining. p. 36

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Charles Erwin Wilson6

American secretary of Defence 1890–1961

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“Generally speaking, changes in the prices of finished goods are "cost determined" while changes in the prices of raw materials inclusive of primary foodstuffs are "demand determined."”

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“The natural effect of unfettered market competition is socialism. For a short time the innovator receives a large profit, as a reward for being first to the market. Then, as competitors adopt the innovation, competition drives these profits down to zero and the price gravitates toward the new, lower cost of production made possible by this innovation (that price including, of course, the cost of the producer’s maintenance and the amortization of her capital outlays). So in a free market, the cost savings in labor required to produce any given commodity would quickly be socialized in the form of reduced labor cost to purchase it.”

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“There are in the Exhibition some beautiful examples of such lace amongst the productions of other countries as well as of our own. They are made by the united labour of many women. The cost of a piece of lace will consist of:
# The remuneration to the artist who designs the pattern.
# The cost of the raw material.
# The cost of the labour of a large number of women working on it for many months.
Let us compare this with the cost of a piece of statuary, which is undoubtedly of a much higher class of art; it will consist of:
# The remuneration to the artist who makes the model.
# The cost of the raw material.
# The cost of labour, by assistants in cutting the block to the pattern of the model.
# Finishing the statue by the artist himself.
In lace making the skill of the artist is required only for the production of the first example. Every succeeding copy is made by mere labour: each copy may be considered as an individual, and will cost the same amount of time.
In sculpture the three first processes are quite analogous to those in lace-making. But the fourth process requires the taste and judgment of the artist. It is this which causes it to retain its rank amongst the fine arts, whilst lacemaking must still be classed amongst the industrial.”

Charles Babbage (1791–1871) mathematician, philosopher, inventor and mechanical engineer who originated the concept of a programmable c…

Source: The Exposition of 1851: Views Of The Industry, The Science, and the Government Of England, 1851, p. 49-50

“Labor is a commodity, like any other, and its price is therefore determined by exactly the same laws that apply to other commodities. In a regime of big industry or of free competition – as we shall see, the two come to the same thing – the price of a commodity is, on the average, always equal to its cost of production. Hence, the price of labor is also equal to the cost of production of labor. But, the costs of production of labor consist of precisely the quantity of means of subsistence necessary to enable the worker to continue working, and to prevent the working class from dying out. The worker will therefore get no more for his labor than is necessary for this purpose; the price of labor, or the wage, will, in other words, be the lowest, the minimum, required for the maintenance of life.”

Friedrich Engels (1820–1895) German social scientist, author, political theorist, and philosopher

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“Price statistics show clearly that instability in raw-material prices is a prime cause of instability of other prices.”

Benjamin Graham (1894–1976) American investor

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“In the making both of lace and of statues, the remuneration to the artists can only be reduced by producing a larger number of them through more extended education. The expense of the raw material is small in both. The expense of labour in lacemaking is very large, and it is perhaps considerable also in sculpture. The discovery of more convenient localities yielding marble, may make some diminution in its cost; and the improved manufacture of thread may slightly reduce the price of lace. A reduction in the price of labour may to a very moderate extent reduce the cost of the raw material of both. But it is evident that any very great reduction is not to be expected.
Let us now contrast this possible reduction with the past history of some industrial art. The plain lace made at Nottingham, called patent net, will supply us with a good example. In the year 1813 that lace was sold in the piece at the rate of 218. a-yard. At the present time lace of the same kind, but of a better quality, is sold under the same circumstances at 3d. per yard. Thus, in less than forty years the price of the industrial produce has diminished to one eighty-fourth part of its original price.”

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Source: The Exposition of 1851: Views Of The Industry, The Science, and the Government Of England, 1851, p. 51-52

“The minutest details of cost of materials and labor in every department appeared from day to day and week to week in the accounts; and soon every man about the place was made to realize it. The men felt and often remarked that the eye of the company were on them through the books.”

Alfred D. Chandler, Jr. (1918–2007) American historian

Bridge (1903, p. 85), cited on p. 268; Cited in: Best (1990, p. 63).
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“In order to labor, there are required not only ability and will, but also room to work, tools, raw materials and means of sustenance. The poor man must, therefore, by force of necessity, apply to those who possess these things in plenty.”

Johann Most (1846–1906) German-American anarchist politician, newspaper editor, and orator

The Beast of Property (1884)

“Costs of manufactured articles importantly depend on the cost of raw materials as well as labor, and the prices of many raw materials do not fluctuate directly with the labor cost of producing them.”

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Charles Erwin Wilson6

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