271R. J. A. Salter to Harrod, 29 November 1932 [a]

Replies to a letter not found, which was received when Salter was in America. Salter agrees with Harrod's article in The Times on intentional reflation, on cheap money and open market policy, and deliberate encouragement of public authorities to resume useful capital expenditure on a loan basis. [1] He thinks, however, that meeting current governmental expenditure by inflation is a most dangerous method.

  1. 1. Harrod, "The Dilemma in the Economy" ( 1932:7 , press item 4 ). The article, on the suggestion of the assistant editor and chief leader-writer of The Times (letter 250 R), opened with a reference to Salter's article on "`Reflation'. What the Policy Implies. A Concerted Effort", The Times, 30 June 1932, pp. 15-16. On Harrod's understanding of Salter's position see letter 249 , [jump to page] .
    1. a. From 66, Cornwall Gardens, S.W.7 # , one page TLS, in HP IV-1269.


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