“When I tried to sort out the pernicious disagreements between new classical and new Keynesian economists, I conducted a series of conversations with the protagonists (Klamer 1983). The personal differences were revealing. The viva cious Robert Solow (with a taste for the quick quip), the serious Robert Lucas (never less than self-composed), the chatty Franco Modigliani (not shy of self promotion), and the unassuming James Tobin (wanting an interview at least as long as Lucas’s) quickly taught me how trenchant the rhetorical differences were.”

—  Arjo Klamer

Source: Speaking of economics: how to get in the conversation (2007), Ch. 7 : Why disagreements among economists persist, why economists need to brace themselves for differences within their simultaneous conversations and their conversations over time, and why they may benefit from knowing about classicism, modernism, and postmodernism

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Dutch columnist, economist and politician 1953

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Arjo Klamer photo

“The other economic camp made for quite a different story. James Tobin (an east-coast Ivy League policy advisor) had already won the Nobel Prize when I spoke with him. A true gentleman, he spoke softly about his life and his Keynesian approach to economics. With due respect, I worried after a time that the interview sounded so automatic, so “done” before, that it would add little to the book. Then I brought up Lucas’s criticism. Tobin began to speak much louder and faster (on transcribing the tape I actually had to adjust the volume). He remained reasonable and gentlemanly but his voice betrayed his indignation toward Lucas and his camp, about how they were misleading sensible Keynesian economic thought.”

Arjo Klamer (1953) Dutch columnist, economist and politician

Source: Speaking of economics: how to get in the conversation (2007), Ch. 1 : The strangeness of the discipline

“I did, and still do, think that New Classical Economics has quite a bit in common with the Austrians (so did Robert Lucas, and I am surprised to find that I did not refer to this in the early 1980s, so I was either careless or did not know about it until a bit later).”

David Laidler (1938) Canadian economist

"The 1974 Hayek–Myrdal Nobel Prize", in Hayek: A Collaborative Biography: Part 1 Influences from Mises to Bartley edited by Robert Leeson (2013)

“Since the late 1960s macroeconomic debates in the United States have centered on the competing interpretations of the new classical and new Keynesian macroeconomics. The initial new classical model developed in the early 1970s by Robert E. Lucas, Jr., combined market-clearing, imperfect information, and rational expectations. After much testing, it was eventually rejected in the late 1970s for failing to explain why business cycles lasted on average four years while information delays lasted only a few weeks. It was soon replaced by a second new classical approach, the Real Business Cycle (RBC) model, which was also based on continuous market clearing and competitive equilibrium, but now generated the business cycle through serially correlated procyclical technology shocks.”

Robert J. Gordon (1940) American economist

Robert J. Gordon, Are Procyclical Productivity Fluctuations a Figment of Measurement Error? (1992).

“The original Lucas version of the new-classical macroeconomics combined the undeniable appeal of rational expectations with two more dubious assumptions inherited from Friedman (1968), that is, continuous market clearing and imperfect information, to form the foundation of the famous “Lucas supply function” (more justly, the Friedman-Lucas supply function). Soon Sargent and Wallace (1975) extracted from Lucas’s model its implication for monetary policy, the famous “policy-ineffectiveness proposition.” The demonstration by Barro (1977) that one could interpret historical U. S. data to be consistent with the proposition and the theory brought new-classical economics to its shortlived period of peak influence.”

Robert J. Gordon (1940) American economist

"Fresh Water, Salt Water, and other Macroeconomic Elixirs", 1989

“Lucas’s “Mechanics” Lectures caught the profession by surprise. His argument enraged some economists and startled or puzzled others. It was his first word on the subject of growth. It seemed to have come completely out of the blue. And even though his interest in the possibility of market failure seemed curiously in tune with fifty years of the Keynesian tradition, it was unfamiliar enough when expressed in the vernacular of Freshwater economics that the lectures at first caused more consternation than anything else, and in most quarters they were studiously ignored. A few young researchers, however, were galvanized into immediate action.
The notion that trade and migration must be strongly linked to economic growth was hardly new. Nor was the insight that cities must be central to economic progress. Perhaps the real news from Lucas’s lectures was his identification of lock-in as a potentially serious puzzle.”

David Warsh (1944) American journalist

David Warsh, Knowledge and The Wealth of Nations: A Story of Economic Discovery (2006), Ch. 19 : Recombinations

Sarah Vaughan photo

“Interview, The New York Times, 1983”

Sarah Vaughan (1924–1990) American jazz singer

“Interview: Robert Heller: Alistair Schofield speaks to Robert Heller, journalist, commentator and the author of more than 50 books on management and business strategy.”

Robert Heller (1932–2012) British magician

2006
http://www.extensor.co.uk/articles/int_heller/interview_robert_heller.html online
Interview: Robert Heller (2006)

Martin Luther King, Jr. photo

“I want to continue the series of sermons this morning that I started several weeks ago. The series dealing with problems of personality integration. This morning our subject is: “Conquering Self-centeredness.” … I at least want to suggest certain ways to conquer self-centeredness and at least place the subject before you. So that you can go out and add the meat and try, in some way, to make it meaningful and practical in your everyday lives.”

Martin Luther King, Jr. (1929–1968) American clergyman, activist, and leader in the American Civil Rights Movement

Source: 1950s, Conquering Self-centeredness (1957)

Gene Wolfe photo

“Whenever a man and a woman come to words or blows, fools are quick to attribute it to the differences between the sexes. The sexes differ much less than they wish to believe, and such differences as are real tend less to promote strife than to prevent it.”

Gene Wolfe (1931–2019) American science fiction and fantasy writer

Volume 2, Ch. 23
Fiction, The Book of the Short Sun (1999–2001)

“Colander: What’s your view of the New Keynesian approach?
Tobin: I’m not sure what that means. If it means people like Greg Mankiw, I don’t regard them as Keynesians. I don’t think they have involuntary unemployment or absence of market clearing. It is a misnomer to call Mankiw any form of Keynesian.
Colander: How about real-business-cycle theorists?
Tobin: Well, that’s just the enemy.”

David Colander (1947) American economist

David Colander, "Conversations with James Tobin and Robert J. Shiller on the “Yale Tradition” in Macroeconomics", Macroeconomic Dynamics (1999), later published in Inside the economist’s mind: conversations with eminent economists (2007) edited by Paul A. Samuelson and William A. Barnett.
1990s

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