~ andj celling 
represented by teh growth of floor 
I should insist on the fact that you trend is purely 
exogenous as far as the growth rate of capital®is concerned. 
The capital stock in EK, only takes account of the absolute 
level of investment which of course must depend on the size 
of the economy. The past has no influence on the trend 
beyond the mere size of the economy. Now I doubt whether 
Kalecki meant it like that when he talked about a 
semi-autonomous influence. But it is of Bourse true that 
Kalecki never gave a completely clear analysis of the trend 
comparabel with his analysis of the cycle. And naturally 
you 45 ant to follow his path slavishly. As far as my 
own preferences are concerned I would find such a 
purely exogenous solution not ultimately satisfactory. 
I find it however very commenfdable that you have taken the 
pains of a serious analysis of Kalecki's trend arguments, 
which so far nobody has dared to do. 
With my best wishes, 
{ours sincerely, 
{1 A oie “/ 
fosef Steindl