In the light of his view of the part played by the rate of interest and monetary policy, Harrod could not have been much startled by the results of the OERG inquiry.
This gave Harrod occasion to mention the OERG research:
The outcome of the OERG research affected the development of Harrod's thought beyond his book on The Trade Cycle.
The surviving evidence thus seems to indicate that Harrod influenced the general line of the OERG research to a deeper extent than his approach was affected by its ensuing results.
Fourth, the place of induction and deduction in economic theory was the topic of the presidential address he delivered before the same assembly one year later; there, Harrod explicitly mentioned the OERG research as one of the possible lines of empirical inquiry enabling one to infer some generalisations as to the entrepreneur's behaviour (Harrod, 1938, pp.
First, the consequences of Harrod's participation in the work of the OERG outlined above took effect almost immediately, as can be seen from Harrod's recasting of his theory of the cycle in 1938 (Harrod, 1996).
8 Although reference to the extent of competition in the firm's industry was more explicit in the discarded version of the second questionnaire, the OERG reports analysing the replies stressed that the answers given reflect the degree of competition.
1938), are in ABP 172 and 631, while Brown's memorandum on 'The Liquidity-Preference Schedules of Banks' is in ABP 173 and 630 (in the published version, Brown thanks the members of the OERG for the 'many valuable criticisms and suggestions': 1938, p.
16 On the occasion, other papers relating to the activities of the OERG or the Institute of Statistics were delivered: Bretherton discussed 'Public investment and trade cycle policy' and Marschak 'Measurement of the mobility of labour' (British Association, 1938, pp.
19 Andrews, Reports of meetings of 18 November 1938 and 16 January 1939 (both in ABP 45 and 171); OERG, 'Draft I of Q.
Harrod's denomination of the OERG as the 'Trade Cycle Group' could mislead one into thinking that the two groups had an independent existence (see for instance Young, 1989, pp.
When it was time to file an application for a new grant for the extension of the research, Harrod communicated to the other members of the OERG that he had 'been informed that the interest of the [Rockefeller] Foundation has now moved away from trade cycle study towards that of growth and structural change'.