Brief von Michał Kalecki an Josef Steindl
Michał
Kalecki
1503994293291
Warsaw, 11 March, 1967
Mil. I Armii W.P. 11 m. 26
Dear Steindl,
Thank you very much for your letter of 21.II.1967*
Your handwriting does not give me any trouble at all.
The problem you raise applies in fact also to the
Theory of Economic Dynamics because already there the
stock of capital does not an enter the equation for in-
vestment decisions but merely the increment of the stock
per unit of time or net investment /p.98/. However,
on p.102 I show that this equation is equivalent to the
theory developed in my 1939 book on the assumptions that
were made there. On the other hand I state on pp,102-103
the why I do not subscribe any more to my theory
of 1935.
Although my present theory differs in many respects
from that developed in Theory of Economic Dynamics, on
this point there is no change. However, the present theory
brings into focus the point that whether investment de-
cisions exceed, are equal to or fall short of enterprene-
urial savings depends on the rate of profits which is
"fetched" by new equipment in the period considered.
With best regard^ from myself and Ada
^ours
Dr J,Steindl
Oesterreichisches Institut
fuer Wirtschaftsforschung
Hocher Markt 9,
VIEH I
A U S T E I A