Capability theory improves our understanding of well being because it takes account of the "conversion" problem: income/wealth/commodities. (IWCs) need to be made effectively available to really increase well being. However, just as IWCs need to be converted into functionings in order to be effective in bringing additional possibilities to a person, our institutions, abilities and environments need to be converted as well to allow them to be used effectively in the same pursuit. Freedom of the press and speech, education and certainly economic independence as well as the democratic political processes themselves are as inert as IWCs without some additional conversion to enable them to do what we have set them up to do. The moniker "conversion factor" is the name of the problem rather than the source of a solution. This paper will explore the possibility that the needed theoretical addition to capability theory might be found by understanding how the elements of the capabilities equation change over time. Using education as an example of a conversion factor, the paper will explore how an addition to the theory might help create effective policy alternatives.