Full text: Trend and Cycle

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In this way the essentials of Kalecki's trade cycle theory 
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would remain as-they are, with the dominant role of investment 
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in fixed capital being preserved, but there woxil'd be an 
additional element in the direct effect of investment in 
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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 exgtfuted 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 thsu play the role assigned to fixed 
investment in the trade cycle. 
A more general view would be that the cycle consists ixnxpaxii 
of a clustering of investments which in part have been deci ded 
upon independently of the business cycle 
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