275. D. H. Robertson to Harrod , 31 December 1932 [a]

[Replies to a letter not found]

Mells Park, Frome #

31 December 1932

My dear Roy,

Yes, I rather suspect there was a fundamental difference of opinion between you & JMK on that matter! [1] I think I am on his side, but am not sure. But I also think that to water the difference down so as to leave the reader in a fog would be a mistake, and that if you do anything to the chapter at all, the best way would be to say "Another view of what happens is ...". [2] After all, if I remember the thing right at all, you have Ohlin, Angell etc. on your side (it is really the same question as "the transfer problem", isn't it?). [3] Anyhow the C[ambridge]. E[conomic]. Handbooks have been full of "doubtful doctrine" from Hubert's [4] onwards,--what doctrine isn't doubtful nowadays?

I don't want to hang the thing up if it is now ready for press. Otherwise I would be glad to read it again if you sent it to The Links Hotel, Crownborough to arrive on Monday 9th. I'm spending the last week of the vacation there. I must get on with another bit of work this next week,--also have no certain address. Or are you coming to Bristol,--if so you could give it me there.



  1. 1. See letters 273 and 274 , regarding chapter VI of Harrod's International Economics ( 1933:10 ).

    2. Harrod did not accept this suggestion.

    3. Robertson is probably referring to B. Ohlin's writings on the transfer problem ("Transfer Difficulties, Real and Imaginary", Economic Journal XXXIX, June 1929, pp. 172-78, and "Mr. Keynes' View on the Transfer Problem: A Rejoinder", Economic Journal XXXIX, September 1929, pp. 400-404) and to J. W. Angell's discussion of the equilibrating mechanism in the balance of payments (in The Theory of International Prices. History, Criticism and Restatement, Cambridge: Harvard University Press, 1926, chapter XVI).

    4. H. D. Henderson, Supply and Demand, London: Nisbet, and Cambridge: Cambridge University Press, 1922.

    1. a. ALS, two pages on one leaf, in HP IV-990-1069d/15.

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