----------------- HES POSTING ----------------- 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 ------------ FOOTER TO HES POSTING ------------ For information, send the message "info HES" to [log in to unmask]