ABSTRACT
Expectations are kaleidic. Like the symmetric pattern of colours in the kaleidoscope, they can be changed comprehensively and radically by a slight shock or twist given to the instrument, or to the evidence in the mind of the expectation-former. 'Stretch of time' is a figment, it is memory or else imagination engendered by the evidence existing in the actual present. But the value to be assigned to a so-called 'durable' tool or plant can be based only on the supposed content of this figmental stretch of future time. Expectational value is a structure of thought resting at only one point on the ground of visibly recorded evidence. A small irregularity as the wheel rolls forward can lift it bodily or even deform and destroy it. The consequences of the kaleidicity of investment-values can be formidable and far-reaching. The basic and essential character of the kaleidic phenomenon renders inappropriate the accepted methods of analysis of fully-known problems.
