305. Harrod to D. H.
Robertson , 26 April 1933
[a]
[Answered by 306
]
Christ Church,
Oxford. #
26 April 1933
Dear Dennis
Your
disagreement with Shove about 
[1] --I think he said that
they must be receding, you that they might be stationary at a low
level. Have not both some truth? Shove seems right that output must
be receding--as entrepreneurs who are making losses re-contract they
will reduce in a frantic effort to avoid loss. You seem right that
prices may be stationary at a low level. If 
is the same and the gap between 
and S the same there is nothing to change prices.
Yours
R. F. H.
- 1. This letter
seems to originate out of a viva voce discussion between Harrod,
Robertson, Shove and possibly other people, rather than being a
commentary to a written text: see Harrod's remark in letter
307 ,
[jump to page] .
Harrod's diary shows an entry "B o T group" on 26 April,
which may well refer to this meeting. Unfortunately, no further
information was found concerning this group, and one can only
speculate on the meaning of "B o T". The remainder of the
correspondence with Robertson might suggest "Balance of Trade",
which was discussed on 5 and 29 April (letters
302 and 307 ).
- a. ALI,
one page, in the same envelope as letter
306 , in KHLM 213.
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