MARGLIN VERSUS FELDSTEIN: A LETTER TO THE ECONOMIST (May 10, 2003)

You laud heterodox economists for their new attacks on neoclassical economics (”Behaviorists at the Gate,” May 10, 2003). As an example you cite Stephen Marglin’s undergraduate course at Harvard, which is now offered as an alternative to Martin Feldstein’s standard course. And yet, I took just such a course exactly thirty years ago. It was at Harvard, too. And it was taught by Stephen Marglin, who had tenure already, Sam Bowles, and Herb Gintis. Back then, undergraduates and postgraduates mixed well together in this and similar courses. The orthodoxy was as implausible then as it is now. The only difference I can spy after so many years is that neoclassical economists themselves are now beginning to give up. They are showing signs of real exhaustion, while their attackers seem to be as chipper as ever. It took thirty years, though.