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.


R. F. H.

  1. 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 ).
    1. a. ALI, one page, in the same envelope as letter 306 , in KHLM 213.

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