BANCA NAZIONALB DEL LAVORO 
QUARTERLY REVIEW 
EDITORIAL BOARD 
Francesco Bignardi 
Guido Carli 
Cesare Cosciani 
Antigono Donati 
Lucio Izzo 
Nerio Nesi, Chairman 
Francesco Parrillo 
Romano Prodi 
Pasquale Saraceno 
Luigi Ceriani, Editor 
A. Roncaglia, Asst. Ed. 
VIA V. VENETO, 119 
I - 00187 ROMA 
January 12, 1982 
Dear Professor Steindl, 
Thank you for your very interesting paper. I strongly sympathize 
with your attack on retrenchment policies, as well as with your criticism on the 
"bastard keynesian" idea that the propensity to save is a direct function of the 
income level. Sylos Labini noted the anti-cyclical movement in his Lezioni di eco- 
nomia, and gave as a tentative explanation a "precautionary" motive (I enclose the 
relevant pages); but with the exception of your paper I know of no thorough treat 
ment of this topic. 
Failing strikes, the proofs should reach you by the end of the 
month. 
Best wishes for the New Year; I hope to meet you again next sum 
mer in Trieste (and please keep the BNL Quarterly Review in mind, whenever you write 
something!). 
With kind regards, 
Yours sincerely, 
(Alessandro Roncaglia) 
ca^/C.' 
Prof. Jozef STEINDL 
Osterreichisches Institut 
fur Wirtschaftsforschung 
Postfach 91 
1103 WIEN 
Enel. 
/ar