28 FEBRUARY 1958, Page 18

THE GERMAN 'MIRACLE' SIR,—The tragedy of T. Balogh lies not

in that he thought (correctly) that Dr. Erhard's measures of 1949 would result in 2,000,000 unemployed in 1950, but that he would deny, with vigorous voice and clenched eyes, that Dr. Erhard's general policy would later result in a big increase in output, a relatively stable price level, a steady expansion of real incomes, an embarrassment of reserves and a practical forM of social justice.—Yours faithfully,