Abstract
I have been exceedingly interested in the paper on Price inflexibility which you kindly sent me. I think that your distinction between market prices and administered prices is one of first class importance and very illuminating. I have been aware of the point in a dim sort of way, but had not crystallized it, as you have. Nor had I realized how sharp and important a division there is in practice between the two. [Keynes, 1935]

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