305. Harrod to D. H. Robertson , 26 April 1933 [a]
[Answered by 306 ]
Christ Church, Oxford. #
26 April 1933
Your disagreement with Shove about  --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.
- a. ALI, one page, in the same envelope as letter 306 , in KHLM 213.
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