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I can't find the reference you ask for, but it sounds strange to me.
Schumpeter had a high opinion of old economists. In his _History_
(Part V, chapter 5, "Keynes and Modern Macroeconomics", note
22) Schumpeter tries to explain why young economists followed
Keynes: "Keynesianism appealed primarily to young theorists
whereas a majority of the old stagers were, more or less strongly,
anti-Keynesian. [...] The old or even mature scholar may be not
only the victim but also the beneficiary of habits of thought formed
by his past work. I am bot referring now to that deeper
understanding of things that can hardly be acquired except by the
labor of decades: apart from this and the difference in attitude to
'policy' that result from this, there is such a thing as analytic
experience. And in a field like economics, where training is often
defective and where the young scholar very often simply does not
know enough, this element in the case counts much more heavily
than it does in physics where teaching, even though possibly
uninspiring, is always competent"
So, Schumpeter would expect, I guess, that young economists
become wiser as they grow older, so there is no generational
change.
Manuel Santos
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