It Blight be correct to say, it is true, that ii was 
the high private investment of recent years which propped 
up purchasing power ( only up to 1948 or 49 could it be explained 
as deferred investment ). I am not perfectly sure, but I think 
this fact can be reconciled with aay theory: Eight years 
w Jj.-.i 
of full employment ana hi^h utilisation of capacity should 
in itself give the system a considerable impetus. The propensity 
the experience of 
to consume depends on a number of years past; I think also the 
investment decisions may be similarly influenced by the 
experience of high utilization over a number of years. 
This, of course, does not rule out a recession, it means only 
that the high activity for so many years influences favourably 
the trena of the future for a certain time. 
As to reviews it is too early yet. The London 
"Economist" carriea one. Prof.Hansen, I understand, is to 
review it for the Harvard Review. 
Thank you very much for letting me see your 
manus ript which I appreciate ve.j much.’ 
Yours sincerely,