Thecaseisdifferentasregardstheannualoutputofvendibleproducts，whetherforindustrialorconsumptiveuse。Inthiscase，andparticularlyasregardsthismatterofnewInvestmentsandextensionsofIndustrialequipment，theannualoutputcountsforbyfarthegreaterfactorinmakingthecurrentvalueoftheavailablesupply，ifindeeditisnottoberegardedassubstantiallytheonlyfactorthatcomesinquestionhere。
Accordingly，itisonlyunderveryexceptionalcircumstances，attimeswhenthepreciousmetalsaresuppliedwithextraordinaryfreedom，thattheincreasedoutputofthesemetalscanoffsetthetrendofbusinesstowarddepression。Ordinarilythisfactorcancountfornomorethanamitigationofthe“tendencyofprofitstoaminimum。“Andeventhismitigatingeffect，itmayberemarked，appearstobeoflessradicalconsequenceforthegeneralsituationofbusinessnowthanitwasduringtheearlierphasesofthemachineindustry’sregime。Themosttellingeffectofanincreasedsupplyofthepreciousmetalsseemstobetheincitementwhichitgivestospeculativeinflation。28*
Itwillbenotedthattheexplanationhereofferedofdepressionmakesitamaladyoftheaffections。Thediscrepancywhichdiscouragesbusinessmenisadiscrepancybetweenthatnominalcapitalizationwhichtheyhavesettheirheartsuponthroughhabituationintheimmediatepastandthatactualcapitalizablevalueoftheirpropertywhichitscurrentearning-capacitywillwarrant。Butwherethepreconceptionsofthebusinessmenengagedhave，ascommonlyhappens，ingreatpartbeenfixedandlegalizedintheformofinterest-bearingsecurities，thismaladyoftheaffectionsbecomesextremelydifficulttoremedy，eventhoughitbetruethattheselegalizedaffections，preconceptions，orwhatnot，centreuponthemetaphysicalstabilityofthemoneyunit。
Butwhileitistruethatdepressionisprimarilyabusinessdifficultyandrestsonemotionalgrounds，thatdoesnothinderitshavinggraveconsequencesforindustryandforthematerialwelfareofthecommunityoutsidetherangeofbusinessinterests。
Businessenterprise，itistrue，proceedsonmetaphysicalgroundsandisswayedbyconsiderationsofnominalwealthratherthanbyconsiderationsofmaterialserviceability；but，nonetheless，businessenterpriseandbusinessmetaphysicscontrolthecourseofindustry。