Full text: Trend - Problems

In this way the essentials of Kalecki's trade cycle theory 
would remain as they are, with the dominant role of investment 
in fixed capital being preserved, but there would be an 
additional element in the direct effect of investment in 
stimulating other investment by the stimulation of dieer imitation. 
The first start of the upswing may well come from inventory 
accumulation, but that would hardly be an essential change of 
the theory. 
A crude pattern leading to similar results would be this: 
Big innovations would be planned and also ex^uted independently 
of the trade cycle, while the diffusion of the new methods or 
products would be strongly influenced by the short run 
situation, it would ths*u play the role assigned to fixed 
investment in the trade cycle. 
A more general view would be that the cycle consists ^x^xpaxi:^ 
of a clustering of investments which in part have been deci ded 
upon independently of the business cycle

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