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Department of Economics 
l6th November, 1976 
Professor J. Steinoll, 
A-1103 Wien, 
Postfach 919 
Austria, 
Dear Professor Steinoll, 
Let me return to our correspondence concerning Kalecki f s theory. 
In partiaular I want to return to your letter of June 13 and my reply of 
June 28. Again we have the equation 
(1) 
al t + t A I t 
I 
t+1 
In my letter I put AI = I - I but in my original analysis, I 
t u t n 
now recall, I put AI^_ = (I - I , )/h , that is a change of investment 
per unit of time, and not in period from t-h to t. This difference is 
very important, since I was able to show instability of the solution to 
Eq(l) for all o < a < 1 and b > o , provided that o < h < 1/2. I recall 
that Kalecki did not object to my original substitution for AI, in (l), but 
I would very much like to hear your view whether in fact such substitution is 
compatable with Kalecki T s theory. 
Best wishes, 
Yours sincerely, 
G. Gomulka