2 
The following questions arise: 
How is the technological change measured? 
At what point and in which form does the exogenous influence 
enter the economic process? There are the stages 
basic research, applied research, development, 
actual production by the pioneer ( innovation in the snfese 
of Schumpeter) and diffusion. Kalecki seems to have 
the 
regarded the innovation as,exogenous factor, but I am not 
sure whether he meant it quite in the sense of 
Schumpeter. It would leave only diffusion as endogenous. 
Obviously economic factors enter into all the above 
mentioned stages. 
How is the adverse effect of increased capacity which 
plays such an important role in the turning point of the cycle 
avoided in the case of technology generated long r^un 
growth?( One possible answer would be the competitive 
process I described in Maturity and Stagnation ), 
What, in the absence of technological stimulus, forces the 
net investment to return to the level it had at the 
starting point,leaving the capital stock at the end of 
each cycle the same as at the beginning? 
2. Maturity and Stagnation. 
There it is shown that an existing trend is made to deteriorate 
by the emergence of oligopoly as a dominant force inthe 
economy. 
But a weakness of the book is that all too little is said 
about this existing trend from which the argument starts. 
It is in fact rather related to Harrods trend, 
therefore Kalecki's criticism (1962) also applies to it.