128R. Keynes to Harrod, 29 December 1926 [a]

Keynes finds Harrod's review of Leaf admirable, [1] and comments that it is a scandal that such books should be allowed to be written.

  1. 1. Harrod, "Banking, by Walter Leaf" ( 1927:1 ). For Harrod's own impression see letter 121 R. A comment on the review was formulated by Bobbie Johnstone on 26 March 1927 (in HPBL Add 71190/19-21), who defended the view--"not dissimilar from Harrod's"--that the capacity of the Joint Stock to expand credit is strictly limited, and insisted on the fact--already stressed by Harrod--that every loan creates deposits (Harrod later discussed the relationship between bank lending and deposits in correspondence with E. Cannan in letter 334 of 12 November 1933 and with D. H. Robertson and Keynes in October 1935: letters 480 and 481 ).
    1. a. PcI, from King's College, Cambridge # , addressed to Christ Church but forwarded to 34, Campden Hill Gardens, London, in HP II-15. Postmarked 31 December.


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