Tuesday, April 03, 2007

"Not In Your Lifetime"

"I was walking to a classroom with Nicky Kaldor in 1971, and Cambridge had just won the capital controversies-reswitching debate with MIT Cambridge Mass. And Kaldor said to me, ‘How long do you think it will be before people in the United States stop teaching the marginal productivity theory?’ And my response to him was, ‘Nicky, not in your lifetime and not in my lifetime, because there are a million other ways of justifying the marginal productivity theory as long as the basic neoclassical theory remains as the microfoundations of macroeconomic theory.’” -- Paul Davidson in Colander, David (2001). “An Interview with Paul Davidson”, Eastern Economic Journal (Winter)