Chapter 7

MACHINERY AND INDUSTRIAL DEPRESSION 167

1. The external phenomena of Trade Depression. 2. Correctly described as Under-production and Over-production. 3. Testimony to a general excess of Productive Power over the requirement for Consumption. 4. The connection of modern Machine-production and Depression shown by statistics of price. 5. Changing forms in which Over-supply of Capital is embodied. 6. Summary of economic relation of Machinery to Depression. 7. Under-consumption as the root-evil. 8. Economic analysis of "Saving." 9. Saving requires increased Consumption in the future. 10. Quantitative relation of parts in the organism of Industry. 11. Quantitative relation of Capital and Consumption. 12. Economic limits of Saving for a Community. 13. No limits to the possibility of individual Saving--Clash of individual and social interests in Saving. 14. Objection that excess in forms of Capital would drive interests to zero not valid. 15. Excess is in embodiments of Capital, not in real Capital. 16. Uncontrolled Machinery a source of fluctuation.