488. J. M. Keynes to Harrod , 16 October 1935 [a]

[The exchange continues at 490 ]

46, Gordon Square, Bloomsbury #

16 October 1935

My dear Roy,

Thanks for your note on Laissez-Faire, which I shall be glad to have for the Journal, though, unless something unexpectedly falls through, I shall not have room for it until March. [1]

When you are looking through the proofs, you might, perhaps, consider whether you have sufficiently emphasised the fact that your conclusion essentially depends on the assumption stated on the top of page 8, that there is an inelastic demand for a livelihood in terms of effort. [2] As a result of matters being in fact organised in the manner you substantially describe, it is extremely difficult to know, on the basis of experience, whether this is the case or not. But the extreme eagerness of the average worker for overtime raises a doubt whether the assumption is in fact a safe one.

Yours ever,

J M Keynes

R.F. Harrod Esq., Christ Church, Oxford [b]

  1. 1. Harrod, "Another Fundamental Objection to Laissez-Faire" ( 1936:4 ).

    2. Harrod, "Another Fundamental Objection to Laissez-Faire" ( 1936:4 ), p. 166 bottom.

    1. a. TLS with autograph correction, one page, in HP II-58. Reproduced by kind permission of the Provost and Scholars, King's College, Cambridge.

      b. Ts: «Cambridge».

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