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INSIDE THE
ECONOMIST’S MIND
Conversations with Eminent Economists
Edited by
Paul A. Samuelson and William A. Barnett
Contents
About the Editors vii
Coeditor’s Foreword: Reflections on How Biographies of
Individual Scholars Can Relate to a Science’s Biography
Paul A. Samuelson viii
Coeditor’s Preface: An Overview of the Objectives and
Contents of the Volume
William A. Barnett xi
History of Thought Introduction: Economists Talking with
Economists, An Historian’s Perspective
E. Roy Weintraub 1
The Interviews
1 An Interview with Wassily Leontief 15
Interviewed by Duncan K. Foley
2 An Interview with David Cass 32
Interviewed by Stephen E. Spear and Randall Wright
3 An Interview with Robert E. Lucas, Jr. 57
Interviewed by Bennett T. McCallum
4 An Interview with János Kornai 67
Interviewed by Olivier Blanchard
5 An Interview with Franco Modigliani 85
Interviewed by William A. Barnett and Robert Solow
6 An Interview with Milton Friedman 110
Interviewed by John B. Taylor
v7 An Interview with Paul A. Samuelson 143
Interviewed by William A. Barnett
8 An Interview with Paul A. Volcker 165
Interviewed by Perry Mehrling
9 An Interview with Martin Feldstein 192
Interviewed by James M. Poterba
10 An Interview with Christopher A. Sims 209
Interviewed by Lars Peter Hansen
11 An Interview with Robert J. Shiller 228
Interviewed by John Y. Campbell
12 An Interview with Stanley Fischer 261
Interviewed by Olivier Blanchard
13 An Interview with Jacques Drèze 278
Interviewed by Pierre Dehez and Omar Licandro
14 An Interview with Thomas J. Sargent 307
Interviewed by George W. Evans and Seppo Honkapohja
15 An Interview with Robert Aumann 327
Interviewed by Sergiu Hart
16 Conversations with James Tobin and Robert J. Shiller
on the “Yale Tradition” in Macroeconomics 392
Conducted by David Colander
vi ContentsAbout the Editors
William A. Barnett is Oswald Distinguished Professor of Macroeco-
nomics at the University of Kansas. He was previously Research Eco-
nomist at the Board of Governors of the Federal Reserve System in
Washington, DC; Stuart Centennial Professor of Economics at the Uni-
versity of Texas at Austin; and Professor of Economics at Washington
University in St. Louis. William Barnett has been a leading researcher in
macroeconomics and econometrics. He is one of the pioneers in the
study of chaos and nonlinearity in socioeconomic contexts, as well as a
major figure in the study of the aggregation problem, which lies at the
heart of how individual and aggregate data are related. He is Editor of
the Elsevier monograph series International Symposia in Economic Theory
and Econometrics, and Editor of the journal Macroeconomic Dynamics,
published by Cambridge University Press. He received his BS degree
from MIT, his MBA from the University of California at Berkeley, and
his MA and Ph.D. from Carnegie Mellon University. He has published
17 books (as either author or editor) and over 130 articles in professional
journals.
Paul A. Samuelson was the first American to win the Nobel Prize in
Economics. He is Professor Emeritus of Economics and Institute Pro-
fessor at the Massachusetts Institute of Technology; Institute Professor
is the highest rank awarded by MIT. His landmark 1947 book, Founda-
tions of Economic Analysis, based upon his Ph.D. dissertation at Harvard
University, established him as “the economists’ economist” by raising
the standards of the entire profession. Paul Samuelson’s classic textbook,
Economics, first published in 1948, is among the most successful text-
books ever published in the field. The book’s 16 editions have sold over
four million copies and have been translated into 41 languages. He
received his BA degree from the University of Chicago and his MA and
Ph.D. from Harvard University. As one of the profession’s most produc-
tive scholars for over a half-century, he remains an intellectual force of
towering stature.
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