The Occupational Safety and Health Administration promulgates safety and health standards. These standards typically apply to machinery (capital), which is required to be equipped with guards, shields, and the like. An alternative to these standards is to require the employer to furnish personal protective devices to employees

(labor)—such as earplugs, hard hats, and safety shoes. Disregarding the issue of which alternative approach offers greater protection from injury, what aspects of each alternative must be taken into account when analyzing the possible employment effects of the two approaches to safety?