1175 North Lemon Ave. 
Menlo Park, Cal. 94025 
(415) 322 9109 
April 23, 1980 
Dear Josef, 
Many thanks for your letter and for all the information. We are 
very pleased to learn that there is a good chance of seeing you again 
in Sils in the 2nd half of July. 
I just had a session with a Stanford student who is writing a 
dissertation apparently inspired mainly by your book and to some 
extent also by Kalecki’s work. (Especially his principle of increasing 
risk.) His argument, I am told, is quite close to an argument Hyman 
Minsky has been making about the current US problem; and I am very 
much interested in the connection between your and Minsky’s argument, 
which somehow has so far escaped me. Minsky writes very obscurely; 
but his forthcoming short paper in the May-June issue of Challenge 
is reasonably clear, should you be interested. J am getting an 
outline of the student’s dissertation in a few days and will probably 
reread your Maturity and Stagnation soon in order to get straight on 
the whole subject in my own mind. As you know, Tarshis and I are 
writing a book on macroeconomics, in * which we will have to deal with 
that whole subject. 
I hope you enjoyed your trip to Paris; we shall be going there 
for a few days too, next month after a conference in Frankfurt I shall 
be attending soon. 
With best regards and great hopes for our meeting in July, 
Yours ever,