Slave labor is costlier than free labor
Olmsted argues that enslaved workers, having no stake in the results of their effort, work slowly, carelessly, and only under supervision, so the real cost per unit of work exceeds that of wage labor. Add the expense of overseers, the need to buy capital in people rather than rent labor, and the planter's obligation to maintain workers through sickness and slack seasons, and slavery becomes an inefficient way to organize production even though it is profitable for the few large planters.
