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We start with marginal productivity of labor. The industrial marginal productivity is not simple average of. marginal productivity of each firm. When a large firm succeeds in innovation and increases its production and employment, the distribution of labor and product in that industry will be changed. Other firms will follow the productive method which first firm succeeded, and will evaluate its marginal productivity. The ratio of increase for marginal productivity of each firm is not simultaneous, but will be different. Then the discrepancy of productivity between many firms will change. We analysed this change mathematically and got the reasoning that the discrepancy tended to decrease. Then we analysed the discrepancy of value marginal productivity of labor between many industries, and got similar reasoning. By such analysis, the evaluation rate of marginal productivity shows different value for the evaluation rate of average productivity, theoritically, we should use the index-number of marginal productivity, not average productivity When we talk about marginal productivity, we ought to analyse the planning of investment. The investment to fixed capital will be planned in view of long-period, chiefly about the rate of growth for the product of that industry. On the other hand, the investment to liquid capital will be planned in view of business cycle. In spite of these two sorts of investment are planned in different point of view, the distribution of investment should be decided to maximize total profit, because the capital fund is not infinite. The number of planning period to fixed capital will be larger than the number of that to liquied capital. We analysed the maximization of total profit, and got the modified marginal productivity principle. That is, marginal rate .of substitution between these two sorts of investmentis to coincide the reciprocal of relative price of each capital multipliedby the relative rate of growth of each investment - the latter will beaffected by the technical progress and decreasing marginal productivity principle. To test this reasoning, we analysed the distribution of investment of each industry by Japanese statistical data in 1957 year. By modifling professor Farell's method, we showed the indifference curve to liquidity preference. From firm data, we got technical (psychological) efficiency and price (interest) efficiency between many firms. Then we analysed the distribution of fixed and liquid capital between many firms. But if we analyse statically, the trading industry is superior to other industries - in view of technical efficiency. This result is to be modified by introducing of planning1 period for two sorts of investment Thus we shall get the exact result that the aggregate money efficiency of heavy and chemical industry is relatively large.