6 
advice them to take the direction in which Steedman^i implicitly 
and by suggestion ( in spite of his disclaimer on p.150 ) tends to 
lead them, namely development of the formal side. I think the 
field of pricing and markets is far too heterogenous to allow for 
much of a general formalised theory. I have always regarded 
Kalecki's price theory as a framework rather than as a general 
model: But what enormous difference it has made in our views of 
the functioning of the economic system! The promising path lies 
therefore, I think, in empirical research based on the suggestions 
implicit in Kalecki's theory, conforming to the age old wise 
saying of Myrdal that the function of theory is to put questions 
to the empirical material. 
BIBLIOGRAPHY 
Cowling,K.1982:Monopoly Capitalism.London Macmillan. 
Kalecki,M. 1954:Theory of Economic Dynamics.London,Allen and Unwin 
Steedman,I.1992: Questions for Kaleckians.Review of Polirical 
Economy. Vol.4,Nr2. 
Steindl,J.1990: Economic Papers 1941 - 1988. London Macmillan.