Money and Capital: A Reply to Mr. Sraffa

"Money and Capital: A Reply to Mr. Sraffa.” Economic Journal 42 (June 1932): 237–249  


“With an article devoted to a critical discussion of my Prices and Production, Mr. Sraffa has recently entered the arena of monetary controversy. There is no denying the fact that reviewing books on money, at a time when monetary theory is in a state of violence fermentation, is not an easy, and perhaps not even a pleasant, task. I can easily understand Mr. Sraffa being a little upset at having spent so much time on a work from which he obviously derived no profit and which appears to him merely to add to the prevailing confusion of thought on the subject. But it seems to me that, in expressing indignation without making his own position quite clear, he has run the risk of doing himself less justice and taking up a position which is, to say the least, somewhat confused. I am not anxious to indulge in controversy for its own sake. But it seems to me that, in replying to Mr. Sraffa’s  strictures, I may be able, not only to defend myself against what appeared to me to be needless misunderstandings, but also to make clearer certain matters which do present, to use Mr. Robertson’s phrase, “appalling intellectual difficulty.”