Lipsey was the protagonist and protector of the doctrine of the Phillips curve, which held that a tradeoff existed between unemployment and inflation. At the 1968 American Economic Association meetings Milton Friedman countered Lipsey's arguments in what was perhaps one of the great arguments in economics.
Some professors date Harvard and MIT's rivalry in economics back to an unmistakable controversy in the early '40s when Paul Samuelson, then a graduate student at Harvard, was passed over for a faculty appointment at the University. At the time, widespread reports attributed Harvard's failure to hire Samuelson to anti-Semitism.
Samuelson accepted an offer from MIT's young, unspectacular department, and proceeded to dominate the field of economics as few other scholars have in the century. Almost single-dedly, he attracted a long string of outstanding graduate students and faculty members to MIT, most notably Robert Solow.
"It will take half a century for Harvard to recover from that anti-Semitism," Otto Eckstein. Warburg Professor of Economics, told Business Week recently. Part of that effort to recover has included regular tenure offers to Solow and Samuelson, reportedly including an offer of a University Professorship to Samuelson.
We see here a potential validation of our hypothesis from above -- from a Crimson article in 1982!
But there is much, much more to come, as we enter the early to mid 70s and the ideological bias extends itself to other much more important political spheres.
Coming up, then?
...and much, much more.... stay tuned!