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.

  1. 1. Harrod, "Monetary Policy" ( 1932:2 , here as press item 1 ).

    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.

    1. a. From 27 Drosselstrasse, Basel, three pages TLS on two leaves, in HP IV/276-277/1; envelope addressed to Christ Church.

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