Full text: Brief von Josef Steindl an Jerzy Osiatyński

The issue is crucial however only in the second case where 
the formulation of the acceleration principle tends to lead to 
excessive instability, whereas in the fi rst dase the 
marginal formulation - i.e. representing all the financial 
influence by the savings rate of the last period - is 
an acceptable simplification, justified by the aim of leaving 
out all cmmplications which are not essential to the working of 
the trade cycle. 
I think for that reason that it will be a help to the 
reader if I simply leave out all mention of the "financial"incentives 
in this section and talk only about the demand incentive. 
I have cut >ut the superfluous passages and I send you enclused 
the corrected version if p 11 with a few mimr changes on top of p. 12. 
I hope you will find these changes useful 
With best wishes,
	        

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