Full text: Brief von Josef Steindl an Meyer Weinberg

Institut fuer ftfirtscnax tsforechung 
Wien I.,Wipplinferstr 34 
15th Dec 1953 
Deer Hr. Weinberg, 
I am very amused to fin© that I have been made into a 
countervailing power to Professor Galbraith.* The juxtaposition 
is an interesting iaea; for the ^oun fo steis it will be puzzling 
how to relate the two booas to each other, but I suppose this task 
must be left to the teacuer. 
I think jour account is fair an© veip fc oou. I have faced 
only a few remarks to indicate the passages which you Blight reconsider 
before sending it to the printer. Obviously, any summary of my book, 
let alone a fair one, is of acvantage from point of view.' 
I stopped at 1939 because I think taere has been a great 
change since then, B* fore, certain exp^enous factors - bucket aeficits 
proiits ta;.es - were of secundary importance. 1 think they simply 
cid not matter up to 1929, ana were only a modifiying force up to 
1939. But since 194o they are of aacisive importance. Spending for 
the war ana deferred spending as an aft rraath 01 the war ana its 
restrictions gave something like full employment up to 19?8 inci. 
Consumers aebt helped a little then, ana from 195o spending for 
armaments were again important. Obviously stagnation is supersede© 
by such events. Ana the focus of interest in an economy, in which 
public spending matters so mueh,is shifted to a ratm r different 
plane; call it sociological or political; The trend of the economy 
becomes less a question of the autonomous working of the economic 
mechanism, than 01 tne pla^ of forces an© considerations 
which shape fiscal ana other policies. It may be eoubteo vhether 
these forces are more rational than the former ones, but they are 
a different thing and require another model.

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