Full text: Brief von Jerzy Osiatyński an Josef Steindl

Incidentally, , when in para 5, p. 44, you say "there must thus be an 
'enforced raationalisation 0 investment, a seemingly perverted reaction 
to a fall in profits and demand", you probably mean "reaction to a fall 
in competitors* profits and in demand for their products", for there 
is, if I understood you well, only a redistribution of profits and 
demand between the innovator on the one hand and his competitors on 
the other while the relative income distribution fewtee between profits 
and wages remains unaffected. Is that correct?/ 
Once a constant process of introducing new innovations is introduced, 
its impact on the trend depends on the relative advantages which these 
innovations offer to those who introduce them, but also on the "general 
climate", the "state of business", "animal spirits", etc. The latter 
may be different in some countries and/or periods than in others. Thfe 
could explain some differences in output series. What will happen, 
however, if after a period of successful "enforced rationalisation" 
investments 4ha4a there is a change in the entrepreneurs* attitudes 
/say, in their "animal spirits 1 / and a gereral ease in competition 
ensues. Would not it resula rather in a protracted depression than in 
a positive tpfid (though at somewhat lower rate of growth than before)? 
How should thepe and similar factors,which are perhaps more of a socio 
logical character, be accounted for in your formula which is meant to 
explain both the cycle and the trend? Would it not be easier to account 
for them in a separate equation determining F/t/? 
I need not mention how very stimulating I found your paper and I am 
sure I will come back to it more than once. I shall be most obliged 
to hear from you on the points I have mentioned above. 
This paper is an evidence that you are indeed in a very good form} 
this is excellent news. 
With best regards and greetings 
Yours sincerely

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