Does he take account of the fact that, certainly over the 19th and 20th centuries, the rapid rate of technological change must have induced a very high rate of depreciation on many types of capital?

In various lines of economic activity, many businesses must have seen their entire capital stock devalued over a few short years, due to changes in technology. I'm thinking that this sort of process may have favoured new entrants over established players.

_{It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II}