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besideswhichitis，practically，verydifficulttoeffectsuchanavowedrecapitalizationasappliedtothestockofincorporatedcompanies，particularlyinthecaseofthosewhosestockisostensiblythecapitalizedvalueoftheirplant。
Suchareadjustmentofnominalvaluetoactualvalueasshownbythefactsofearning-capacityiscontinuallygoingon，insomemeasure；butitdoesnotcovertheentirerangeoffactsinvolved，anditisnearlyalwaysofthenatureofareluctantconcession，followingonlyaftertheneedofithasbecomesomewhatpressing。Itcan，therefore，inthecommonrunofcases，notcatchupwiththeprogressivedifficultywhichitisdesignedtomeet，insofarasthedifficultyisofaprogressivecharacter。
Adiscrepancybetweenacceptedcapitalizationandcurrentearning-capacity，similartothediscrepancydiscussedabovebutofaprogressivecharacter，arisesundermodernconditionsapartfromafallintherateofinterest。Thediscrepancypointedoutandprovisionallydisposedofabove，duetoafallininterestrates，isadiscrepancybetweenthenominalvalue(acceptedcapitalization)oftheolderestablishments，computedontheirearlierearning-capacityorontheoriginalcostoftheirequipment，ontheonehand，andtheirpresentactualvalueontheotherhand，computedontheircurrentearning-capacityincompetitionwithrivalsthathavetheadvantageofalowercostofequipment，or，inotherwords，alowerinterestchargeperunitofearning-capacity。Undertheregimeofthelater，morefullydevelopedmachineproduction，adiscrepancyhavingasimilareffectarisesoutofapersistentdivergencebetweenthepastcostofproductionofagivenequipmentandthecurrentcostofalikeorequivalentequipmentatanysubsequentdate，-
supposingthatthereintervenesnoinflationofpricesandnoextraneouscausemakingforaspeculativeadvance。(22*)
Supposepricesoffinishedgoodstobestableortovarybyinconsequentialfluctuations，negligibleforpurposesoftheargument，andsupposetherateofinteresttobeinasimilarlynegligibleposition。Inotherwords，supposesuchaconditionasthebusinesscommunitywouldrecognizeasordinary，normal，sound，withoutgroundforpronouncedhopesorfears。Undermoderncircumstances，dominatedasthemodernsituationisbythemachineindustry，suchastateofaffairsisunstable，evenapartfromanydisturbanceofanextraneouskind。Itisunstablebyvirtueoftheforcesatworkinitsownprocess，andtheseforces，onthewhole，makeforaprogressivechangein。thedirectionofdepression。
Ithasappearedabovethatthedepressingeffectwhicharelativelylow(declining)rateofinteresthasuponindustrialbusinessisduetoitssettingupadiscrepancybetweentheacceptedcapitalizationofolderestablishmentsandthecostofnewestablishmentsofanequivalentearning-capacity。Now，underthecircumstancesofthemorefullydevelopedmachineindustry，suchasithasstoodforacoupleofdecadespast，asimilardiscrepancyresultsfromthegradualbutuninterruptedprogressiveimprovementsofindustrialprocesses。“Thestateoftheindustrialarts，“astheoldereconomistsareinthehabitofcallingit，isnolongertobeconceivedasstationary，evenforthetimebeing。No“statical“theoryoftheindustrialartsorofbusinessprosperityistenable，evenforthepurposesofa“statical“theoryoftheindustrialsituation。Progressivelyincreasingefficiencyoftheprocessesinuseisapervadingtraitoftheindustrialsituation。Notwosuccessiveyearsarenowonthesame，orvirtuallythesame，planeinrespectoftheefficiencyoftheindustrialarts；indeed，the“periodofproduction“cannolongersafelybeconstruedtobeginandendonthesamelevelinthisrespect。Atthesametimetheprogressivelywiderandmoreclose-knitarticulationoftheseveralindustriesinacomprehensiveprocessisalsogoingforward，andthisalsoaffectsallbranchesofindustrialbusinessinsomedegreeandinthesamedirection，aswillappearpresently。
Theitemsoftheequipment(plant，materials，andinameasureevengood-will)inwhichanyindustrialenterpriseinvests，andbytheuseofwhichthebusinessmeninindustryturnouttheiroutputofvendiblegoods，arethemselvesproductsofthemachineindustry。Machineprocesses，everincreasinginefficiency，turnoutthemechanicalappliancesandmaterialswithwhichtheprocessesarecarriedon，a
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