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13 November 1951

ll^róf.'E.A. G.ROBINSON,
**'Thé Marshall Library,
Downing Street,
CAL'BRIDGE.

My dear Robinson,
May I once more, after my return, express ray sincere
thanks to you for the days I spent at Cambridge and, in particular,
for the personal care you gave me. I especially enjoyed also pur
personal discussion on Friday afternoon.
I promised Mrs Robinson to supply her with a few
data on the relation between wealth and income in the coarse of the
19th century. Could you kindly give her the enclosed annex on this
topic ?
There Is one po^nt In the discussion after my
second lecture on which I should like to make a small addition. You
may rfp»ffiber that we discussed what an autonorrous change 1r» profit
margtJiif'ciiltreduced as one of the Instruments of economic 'lolicy
really p^eant. It was formulated by one of us to mean that the entre.Ei?©flieurs should be convinced to produce more at the sa^r-. nroflt

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margin or to be satisfied with a lower profn margin for the same
production. I forgot to add that at the mom-ent when my political mc«
was constructed the background of this policy also was the qu||g:ior=
to wh4't extent entrepreneurs could be brought to such an atti^Re
by a further liberalisation of our imports. I do think this is a mc
realistic aspect ipf the Instrument discussed and I hope you are of
the same opinion.
tVith best personal regards
yours very_§|Jicerelyj

'j^f^figpï

ANNEX FOR l^RS ROBINSON

Perhaps the simplest set of figures for the purpose we had
in mind are the figures for welath and income for the same country
and the same sequence of years. Their ratio would be an indication
of capital intensity of production or " round about way" (Bohm). The
following figure are taken from King: The Wealth and Income of the
People of the united States. I am sure that similar figures are
available for the United Kingdom if e.g. wealth figures are taken
from Stam.p and income figures from Bowley, I could not, hov/ever, at
once find them, but I suggest that the Department of Applied Economics
at Cambridge would be able and willing to supply them.

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