647. J. M. Keynes to Harrod , 31 March 1937 [a]
[Answered by 652 and 653 ]
Tilton, Firle, Sussex
31 March 1937
My dear Roy,
I have now read your book carefully,  and send you two resulting documents.
The first consists of some notes which I have made whilst reading the book, which may or may not be right. Most of them are not fundamental to your main argument, and some of them may be the result of misunderstanding on my part. I have written them out since you may be glad to have them.
The other document is more important. It consists of notes which I have written out for a lecture in my course next term (which had to be postponed from this term). You will see from this that, while I have learned a great deal from the book and have had some important ideas put into my head, I think that your theory in the form in which you finally enunciate it is not correct, being fatally affected by a logical slip in the argument. Unless I have quite misunderstood you, the slip is an obvious one. But I will leave the document to speak for itself.
I found the book very stimulating to the mind and have got a lot out of it. Until I hear your reply I shall not be sure that I may not have made a mistake in my fundamental criticism. But, if I am right, the result is necessarily upsetting to a good deal of the later part of the book. If I am not right, then I should reduce the criticism to the point that you have assumed a constant value for the Relation throughout the trade cycle without, I should have thought, sufficient warrant.
J M Keynes
R. F. Harrod Esq., Christ Church, Oxford.
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