## 401. G. Haberler to Harrod

, [12 November 1934][a]

[Replies to 399 , answered by 403 ]

[12 November 1934] [1]

Many thanks for your last <kind> letter. I cannot accept your proposition that, if a man who receives his income in the first day and [b] spends it not at once but gradually during his income period, saves or hoards. [2] You simply substitute for the word "spending" the expression "dissaving or dishoarding". This is surely a misuse of the language. You had to invent another expression to denote what we really understand by dishoard and hoard. The absence of hoarding (in your new terminology) would be equivalent to a velocity of ! [3] You see, that your <position> involves you in absurdities. You can prove that, under the ordinary definitions of S and I, these must always be equal, only by substituting for the ordinary definitions, quite absurd definitions, which Robertson or I would never accept.

- 1. Date read
from postmark.
2. Letter 399 , [jump to page] .

3. See letter 396 , [jump to page] and note 4 .