Full text: Brief von Michał Kalecki an Josef Steindl

A U S T E I A 
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 
Dr J,Steindl 
Oesterreichisches Institut 
fuer Wirtschaftsforschung 
Hocher Markt 9, 

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