Full text: Brief von Michał Kalecki an Josef Steindl

8 Jujne 1954 
Thank you very much for your letter. I am very glad you like 
my book. I do not think that in a stationary state there must be 
a develojmerrt factor, or something equivalent to it, of tho sire 
d' «" (1-n) 4 , Indeed if there are no rentiers' savings firing may be 
assumed in a stationary state to reinvest tho full mount of 
depreolation. (This case is discussed on p. 157.) TI19 not full 
reinvestment ttysin applies only to net saving. If there is, however, 
rentiers' saving it causes a negative trend (cf. p. 159) and then 
development factors etc. are necessary for the maintenance of the 
static stated 
I an sorry to hear that you do not feel too happy. On my 
part I can say that I> have a- rather troublesome time here. 
With kind regards from my wife and myself. 
. i , Yours, 
w * 
ITr, J. GteindL 
Institut fuer Wirtschaftsforschung 
Wipplinger Strasse 34 
Vienna 1 

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