239R. E. Dick to Harrod, 7 June 1932 [a]
The exchange continues at 247 R. Dick criticizes Harrod's letter in The Economist [1] as advocating two contradictory policies: reflation cannot be carried out without depreciating the currency. Dick considers the method proposed by Harrod as unworkable, and gives reference to his own treatment of the subject. [2] He diagnoses that there is sufficient money out, although it does not circulate; he therefore argues that economy policies should be turned into policies of lavishness.
2. E. Dick, The Interest Standard of Currency, London: Allen & Unwin, 1925, pp. 161 and following, 175-79, and The Problem of Interest in its Relation to Currency and Debt, London: William & Norgate, 1929, pp. 32, 58, 85.