Full text: Brief von Josef Steindl an Krishna Bharadwaj

1050 Wien, Schwarzhomgasse 10/17 
Jan.24, 1982. 
ear Krishna, 
I applogize for taking so lang to answer, hut I have been 
working on a few papers and I am very slow nowadays. 
You have written a very beautiful paper on a forbiddingly 
difficult subject. My comments almost entirely refer not to 
your exposition but to its subject - the discussion round Keynes. 
It will not be a secret to you that I have a f eling of deep 
alienation with regard to this discussion. In fact, I can't make 
head and tails of it. Let me mention throe fairly general points* 
1. The discussion at Trieste and what they referred to, are 
almost exclusively turning on Keynes a3 if this were a father figure 
which holds pepple in his grips. If the matter, the problems are 
of interest in the first place, and not the appreciation of depreciation 
of a particular life work, then you would think it natural that 
Kalecki would be included euqually, having the same results as heh;.d 
broadly speaking but different assumptions ( distribution theory! ) 
and a much less ambiguous and more comprehensive system. Equally, 
Keynes' friends Joan R., Kahn al so Harrod could just as well 
contribute to an understanding of what is behind this theory. 
2. What is long run? You come to it fairly late in your paper, on 
p 27 -29. It Appears that it is steady state growth. Strictly 
speaking you jean only compare two such growth systems, which have 
gone on for a very |lo g time and Eire continuing forever! But I 
could hardly jibe too strict about i^t, since Harrod has used the 
method or concept oijf steadiy state growth and 3 have I mylelf in 
Maturity etc. The o! ; ppis±te to it would be process analysis which 
pr ceeds from peri >d to period, and which could also be applied to 
the long run Obvi imsly the steady gr owth is a very abstract concept 
and its basis must Ibe somewhat speculative, certainly much more than 
short run pr cess <|malysis which can more plausibly appeal to facts. 
^ You refer t > peisrmanent characteristics of the system, but are there 
any since the syst em continuously changes? The permanent features are 
either very general ( there is a surplus, but how much? ) or they 
reflect an ideology. 
5. I comldtely fafll to understand how saving which is ( admittedly, 
I suppose) adjusted to investment via the GDP, can be equalised to 
investment (or rarthor, the other way round) by the rate of interest. 
I seems that different concept of savings must be used here (ex ante?)

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